Statistics for Economics: Topic 5, Year 2 Definitions

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Definition	Answer	% Correct
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.	Poverty	100%
Means 'fairness' and examines the justness of the extent to which different individuals have the same or different levels of income and wealth.	Equity	80%
Means that a person's income is considered to be insufficient for them to satisfy basic human needs.	Absolute Poverty	40%
Measures the extent to which different individuals have the same level of income and wealth.	Equality	40%
When a person's income is a certain level below a society's average (median) income.	Relative Poverty	40%
A comparison of the current income levels of inhabitants of a country or community.	The Distribution of Income	20%
A comparison of the value of the stock of assets held by inhabitants of a country or community.	The Distribution of Wealth	20%
An arithmetic measure of inequalities in income and wealth. Typically, this number ranges between zero (perfect equality) and one (perfect inequality).	The Gini Coefficient	20%
A graphical device used to show distributional inequality. Primarily it is used to show inequalities in income and wealth.	The Lorenz Curve	0%