Term
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Definition
| the family income level below which people are officially classified as poor. |
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Term
| personal income distribution |
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Definition
| the pattern of income distribution according to the relative size of people's income. |
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Term
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Definition
| the labor force that is increasingly divided between high-skilled and low- skilled workers and jobs, with fewer and fewer workers or jobs in the middle. |
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Term
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Definition
| net income realized from an increase in the market value of a real or financial asset when it is sold. |
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Term
| affirmative action program |
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Definition
| a program devised by employers to increase their hiring or women and minorities; frequently mandated by government regulations. |
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Term
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Definition
| expenditures for which no goods or services are exchanged. welfare, social security, and unemployment compasation are govt transfer programs. |
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Term
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Definition
| govt aid to needy families. |
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Term
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Definition
| Govt benefits that qualified recipients are entitled to by law such as social security old age benifits |
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Term
| temporary assistance for needy families TANF |
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Definition
| A federally subsidized public assistance program that provides income to needy families for limited periods of eligibility |
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Term
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Definition
| Originally a program that required nonexempt welfare recipients to work at a service jobs for a given number of hours a month; now it may also Incude job training and wage subsidies |
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Term
| Supplementary security income SSI |
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Definition
| A federal govt transfer program designed especially to help poor people who are aged, blind or disabled |
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Term
| Earned income tax credit EITC |
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Definition
| A federal tax credit for poor families with earnings that offset their tax liabilities and, for the poorest , provides an income subsidy |
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Term
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Definition
| Certificate that can be used in place of money to purchase food items. |
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Term
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Definition
| A federally subsidized state administered program to pay for medical and hospital costs of low income families |
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Term
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Definition
| The old age survivors disability and health insurance program established by the social security act of 1935 itspurpose is to provide retirement and helh benefits to the elderly |
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Term
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Definition
| govet programs designed to maintain peoples incomes so that they do not fall into poverty |
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Term
| social security trust funds |
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Definition
| the socia security funds that are by law reserved for specific uses. |
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Term
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Definition
| the gealth and medical care program for older americans that is funded through one of the social security trust funds. |
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Term
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Definition
| a tax levied on wages and salary but not on other forms of income such as intrest dividends or capital gain. |
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Term
| defined benefits retirement plan |
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Definition
| a pension plan that guarantees participants a specified level of income when they retire, regardless of how much they contribute to the plan. |
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Term
| individual retirement account IRA |
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Definition
| a private savings account that is given special tax treatment as long as funds are not withdrawn before retirement. |
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Term
| defined contribution retirement plan |
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Definition
| a retirement plan that requires that participants to contribute a specific amount of income, with retirment benefits to be determined by the amount contributed plus earnings on the contributions |
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