Income
money received, on a regular basis, for work or through investments
Income
The minimum standard of living
a firm that is the sole seller of a product without close substitutions
monopoly
SNAP, WIC, Section 8, TANF, ACA, Medicaid, and Social Security Death Benefits are examples of this.
government assistance
an accumulation of valuable economic resources that can be measured in terms of value
wealth
This chart shows the distribution of income in a given country.
Lorenz Curve
the state or condition in which people or communities lack the financial resources needed for a minimum standard of living
Poverty
only one supplier can provide the good or service
natural monopoly
Sherman Antitrust Act of 1890 and the Clayton Act of 1914 are examples of these
antitrust laws
a general increase in prices and fall in purchasing value of money
inflation
This is a measure of income inequality, in which 0 shows equal distribution and 100 shows unequal.
Gini Coefficient
This percent of the population lives in poverty
11
in competition, a business is one of many. in a monopoly, a company is this
sole producer
antitrust laws aim to limit or prevent these.
monopolies
the value of a currency expressed in terms of the goods or services that a unit of money can buy
purchasing power
This is the degree on the Lorenz Curve that represents income distribution is perfectly equal.
45 degrees
This is a measure of income issued by the Department of Health and Human Services
Federal Poverty Level
in the board game monopoly, you cannot collect your $200 if you're sent here.
jail
this federal agency exists for consumer protection
Federal Trade Commission (FTC)
supply of money is shrinking and prices fall
deflation
This is a statistical measure of how many people earn or receive various amounts of income.
Income distribution
hunger, malnutrition, housing insecurity, behavioral and academic issues, lack of education, exacerbates disability, abuse, and addiction
effects of poverty
Amtrack is a _______ monopoly because they are the only potential supplier
natural
this agency determines the level of poverty to be eligible for resources
Department of Health and Human Services
selling the same good at different prices
price discrimination