Economics: Topic 5, Year 2 Definitions

A comparison of the current income levels of inhabitants of a country or community.

A comparison of the value of the stock of assets held by inhabitants of a country or community.

Measures the extent to which different individuals have the same level of income and wealth.

Means 'fairness' and examines the justness of the extent to which different individuals have the same or different levels of income and wealth.

A graphical device used to show distributional inequality. Primarily it is used to show inequalities in income and wealth.

An arithmetic measure of inequalities in income and wealth. Typically, this number ranges between zero (perfect equality) and one (perfect inequality).

A state or condition in which a person or community lacks the financial resources and essentials needed to enjoy the basic needs of life, such as food, clothing and shelter.

Means that a person's income is considered to be insufficient for them to satisfy basic human needs.

When a person's income is a certain level below a society's average (median) income.