Income Inequality

Frage	Antworten
Relatively high wages indicate that...	1. The goods produced are highly valued 2. People will be attracted to train in that industry
Wage differentials are critical for resource allocation because ...	They encourage resources to work in unwanted industries and allocate resources regarding their talent
What are 'compensating differentials'?	Costs involved i.e. training requirements/dangerous work
Gini Coefficient = ?	A ------- A + B Image: Screen+Shot+2020 05 27+At+3.45.40+Pm (binary/octet-stream)
Gini Coefficient: What does it mean if the area 'A' is large?	1. Unequal income distribution 2. Bigger Gini Coefficient
What does the 'Gini Coefficient' measure?	The extent of income or wealth inequality
What is the goal of 'Utilitarianism'?	To maximise 'total utility' usually through income redistribution Left-wing
What does 'Libertarianism' believe?	Individuals should all have an equal opportunity to succeed. They must do so by taking advantage of the opportunities given to them. Right-wing

Zusammenfassung der Ressource

	Erstellt von Sophia Lynch vor mehr als 4 Jahre