Income Inequality
This term describes the gap between the highest and lowest earners in a society
Income inequality
This term describes the gap between the rich and the poor in a society.
Wealth inequality.
What is the lowest hourly pay that employers can legally offer workers
Minimum wage
This term describes the total value of a person's assets minus their debts.
Net worth
Which country has the lowest income inequality
Slovakia
This measure ranges from 0-1, and measures how unequal a countries income distribution is.
The Gini Coefficient.
A major cause of wealth inequality is unequal access to this resource.
Education
This concept refers to the share of national income going to workers rather than business owners.
Labor share
This term describes wealth passed down from one generation to the next.
Inherited wealth
When two people doing the same job earn different amounts of money.
Wage gap
What is a major driver of income inequality?
Human Capital
400 people own what percent of Americas wealth.
60%
What is money you earn from a job?
Income
Wealth inequality often grows when this type of asset appreciates faster than wages.
Real estate
When two people doing the same job earn different amounts of money.
Gross income
This term refers to the top 1% capturing a growing share of national income.
Top-heavy distribution
Who owns 1/3rd of all American wealth?
The top 1%
A widening gap between high and low-income workers can be caused by advances in this area.
Technology
Wealth inequality is often higher than income inequality because wealth grows through this process.
Compounding
What country has the highest income inequality?
South Africa
When prices rise faster than wages, this economic force can increase inequality by reducing purchasing power.
Inflation
When wealth inequality rises, these households are most affected.
Lower income households
This type of tax system can reduce income inequality by taxing higher incomes at higher rates.
Progressive tax
Income from owning assets like stocks or rental property is called this.
What is Johnathan's favorite food?
Seafood