Course review
Review each learning objective in this topic, then open its concept explanation or question set.
Learning objective
• Equality and equity are related but distinct concepts • Equity involves fairness and may require normative judgment
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Learning objective
• Economic inequality includes unequal distribution of income • Economic inequality also includes unequal distribution of wealth
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Learning objective
• Lorenz curve and Gini coefficient measure income distribution • Diagram: Lorenz curve showing income distribution and changes in distribution
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Learning objective
• Absolute poverty differs from relative poverty • Poverty can be measured using international poverty lines and minimum income standards • Composite measures include the Multidimensional Poverty Index • Measuring poverty has practical and conceptual difficulties
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Learning objective
• Causes include unequal opportunity, resource ownership, human capital, discrimination, status, and power • Government tax and benefit policies can affect inequality and poverty • Globalisation, technological change, and market-based supply-side policies can affect inequality and poverty
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Learning objective
• Income and wealth inequality affect economic growth • Inequality affects standards of living and social stability
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Learning objective
• Progressive, regressive, and proportional taxes affect distribution differently • Average and marginal tax rates are used to analyse tax burdens • Direct taxes include personal income, corporate income, and wealth taxes • Indirect taxes affect expenditure and can be regressive
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Learning objective
• Policies include investment in human capital and reducing inequality of opportunity • Transfer payments, targeted spending, universal basic income, anti-discrimination policies, and minimum wages can reduce poverty or inequality
Start with the concept explanation, then practise to create mastery evidence.