General
What is inequality
Unequal distribution within society of income, wealth and goods
What is Gini Co-efficient
mathematical expression of the degree of inequality
0 = perfect inequality
1 = perfect equality
What is income
The total value of everything a person or household owns, minus all their debts
How much does the lowest 20% of income earners receieve (% of all income)
8%
Give 2 examples of regressive tax
GST. tarrifs, excise duty
What is Australia's Gini Co-officient
0.304 - 0.307
What is Wealth
Owning real estate, stocks or a business are examples of holding these, which builds a person's wealth
How much does the top 20% of income earners receieve (% of all income)
40%
What is regressive tax
when people on low income pay a higher % of their income in tax even though it is the same dollar amount for everyone
Which country has the lowest Gini Co-efficient
Denmark
Is Wealth inequality higher than income inequality
What % of total wealth does the wealthiest 20% of people own.
63%
What goes on the horizontal and vertical axis on the Lorenz curve
Income and population
What is the Gini Co-efficient formula
A/(A+B)
What is the Lorenz Curve
A graphical representation of income distribution
What is Australia's gender pay gap
11.3%
Finish the sentence;
If the Lorenz curve shifts inwards (to the left)..
this means there is less inequality
Which African nation consistently has the highest Gini Co-efficient in the world
South Africa
Finish the sentence:
The further the Lorenz Curve is away from this line..
the greater the degree of inequality in the society
How many billionaires in Australia, hold more combined wealth than the bottom 40% of the population
48