Term
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Definition
| The collection of government programs designed to alleviate economic hardship. |
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Term
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Definition
| A government payment to an individual or a family. |
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Term
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Definition
| A government program designed to aid the poor. |
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Term
| Three major economic rationales for the creation of the welfare state. |
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Definition
1. Alleviating Income Inequality
2. Alleviating Economic Insecurity
3. Reducing Poverty and Providing Access to Health Care |
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Term
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Definition
| A government program designed to provide protection against unpredictable financial distress. |
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Term
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Definition
| The annual income below which a family is officially considered poor. |
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Term
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Definition
| The percentage of the population living below the poverty threshold. |
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Term
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Definition
| The average income across all households. |
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Term
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Definition
| the income of the household lying at the exact middle of the income distribution. |
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Term
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Definition
| A number that summarizes a country’s level of income inequality based on how unequally income is distributed across quintiles. |
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