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Econ 1-17 Income & Wealth Inequality

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Econ 1-17 Income & Wealth Inequality

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STANDARD:
E.1.6 Describe and compare the various economic systems (i.e., traditional, market, command, mixed, feudal, mercantile) and explain their strengths and weaknesses. (E)
E.4.1 Explain how markets underproduce public goods, and analyze the role of government to resolve those market failures.
E.2.4 Identify factors that cause changes in market supply and demand and how these changes affect price and quantity in a competitive market. (E)
E.3.2 Compare and contrast the basic characteristics of the four market structures: monopoly, oligopoly, monopolistic competition, and pure competition.
E.3.3 Explain how competition in markets affects price and quantity. (E)

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Lance Hiles
Lance Hiles
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Econ 1-17 Income & Wealth Inequality
 

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Econ 1-17 Income & Wealth InequalityOnline version

STANDARD: E.1.6 Describe and compare the various economic systems (i.e., traditional, market, command, mixed, feudal, mercantile) and explain their strengths and weaknesses. (E) E.4.1 Explain how markets underproduce public goods, and analyze the role of government to resolve those market failures. E.2.4 Identify factors that cause changes in market supply and demand and how these changes affect price and quantity in a competitive market. (E) E.3.2 Compare and contrast the basic characteristics of the four market structures: monopoly, oligopoly, monopolistic competition, and pure competition. E.3.3 Explain how competition in markets affects price and quantity. (E)

by Lance Hiles
1

The ____ ____ is a graph that helps visualize the depth of inequality. 2010, the US Census Bureau found that the poorest 20% of Americans made 3.3% of the income. The richest 20% made over 50% of the income.

     
  
  
2

If most of your citizens are ____ and ____ , then your country cannot be thriving and content. The founder of economics said this, Mr. Smith.

  
  
3

When different jobs have different incomes, people have incentive to become a ____ or ____ , or whatever society values . Income equality looks nice, but it is not the goal.

  
  
4

Politicians might want to fix income inequality because they care and want to assist the poor, or maybe they are afraid of a ____ ____ , as happened in Russia during W.W. 1.

  
  
5

There are many reasons income gap is widening. The reduced influence of unions, tax policies that favor the wealthy, and CEOs ____ ____ many times greater than employees.

  
  
6

Taxes on the money we earn are ____ , so the more money you make, the more tax you pay. The maximum tax percentage is a little less than half your income.

7

People with few skills have less income. Last 30 years, number of college-educated people in poverty rose from 3% to 6%. Number of people in poverty with ____ ____ degree rose from 6% to 22%.

  
  
8

To fix income inequality, some argue that we should raise ____ ____ , but no everyone agrees.

  
  
9

One reason income inequality is growing has to do with ____ ____ technological change. The jobs created in modernized economies are technology-based & require new skills. Workers that have skills thrive & others are left behind.

  
  
10

To fix income inequality, some argue that we should provide more ____ , since more [same] correlates with more income.

11

The Industrial Revolution contributed to income inequality between countries, but international trade is accelerating it. Most agree that globalization has helped the world's ____ people, but it's helped the ____ even more.

  
  
12

Income inequality negative consequences: It leads to ____ inequality. People with money can influence government policies more than those without. Most of these policies help the wealthy stay wealthy.

13

Branko Milanovic described an economic big bang. At first, countries' incomes were together, but the ____ ____ expanded those differences. It pushed some countries to higher incomes, while others stayed where they had been for millennia.

  
  
14

Income inequality negative consequences: Nations with greater inequality have greater instances of ____ , imprisonment, and ____ ____ .

     
  
  
15

Global wealth is estimated at 260 trillion dollars, but it is not distributed equally. North America & Europe have less than 20% of the world's ____ , but have 67% of the world's wealth. China has more people than both, but only 8% of wealth.

16

The founder of Microsoft believes that inequality is just a part of ____ , you cannot separate the two. Your only option is to intervene when the "harm of inequality" outweighs the "benefits of [same]".

17

____ is new earnings that are added to our current pile of money. So when we talk about [same] inequality, we're talking about how the new stuff is getting distributed.

18

Some people are not concerned with income equality. They don't believe the poor are getting poorer. They argue that income is increasing for ____ ____ , but income for those on top is increasing faster.

  
  
19

There are two types of economic inequality: wealth and income. ____ is accumulated assets, minus liabilities, so it's the value of stuff like savings, pensions, real estate, and stocks.

20

The ____ ____ is calculated by using the lorenz curve & it measures income equality. It shows us the difference between income distributed equally & income as it's actually distributed.

  
  
 
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