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Definition
| A stock of valuable assets. |
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Definition
| Wealth that can be transferred to others. |
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Definition
| Wealth specific to one person, that cannot be transferred. |
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Definition
| How wealth is shared out between the population. |
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Term
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Definition
| A flow of money to a factor of production. An individual's income may include wages and state benefits. |
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Definition
| How income is shared out between the factors of production. |
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Definition
| A diagrammatic representation of the distribution of income and wealth. |
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Definition
| A statistical measure of the degree of inequality of income and wealth. |
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Definition
| When an individual or household's income is insufficient for them to afford basic shelter, food and clothing. |
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Definition
| When people are poor by comparison to others. |
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Term
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Definition
| Assessment of the government's performance in eradicating poverty. |
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Definition
| When individuals or households are no better off following a pay increase because tax paid increases and benefits are withdrawn. |
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Term
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Definition
| When a worker chooses not to accept a job at the going wage rate. |
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Term
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Definition
| A statutory minimum wage introduced to boost the earnings of the low paid. |
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