Microeconomics

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Author:
damea134
ID:
228155
Filename:
Microeconomics
Updated:
2013-07-25 16:20:15
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Chapter 30 Income
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Miller
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  1. Distribution of income
    The way income is allocated among the population based on groupings of residents.
  2. Lorenz curve
    A geometric representation of the distribution of income. A Lorenz curve that is perfectly straight represents complete income equality.The more bowed a Lorenz curve, the more unequally income is distributed.
  3. Income in kind
    Income received in the form of goods and services, such as housing or medical care.Income in kind differs from money income,which is simply income in dollars, or general purchasing power, that can be used to buy any goods and services.
  4. Age-earnings cycle
    The regular earnings profile of an individual throughout his or her lifetime. The age earnings cycle usually starts with a low income, builds gradually to a peak at around age 50, and then gradually curves down until it approaches zero at retirement.
  5. The productivity standard
    The productivity standard for the distribution of income can be stated simply as“To each according to what he or she produces.” This is also called the "contributive standard" because it is based on the principle of rewarding according to the contribution to society’s total output.
  6. Equality
    To each exactly the same.”Everyone would have exactly the same amount of income. This criterion of income distribution has been debated as far back as biblical times.
  7. Relative Poverty
    Poverty can also be defined in relative terms,that is, in terms of the income levels of individuals or families relative to the rest ofthe population
  8. Absolute Poverty
    Because the low-income threshold is an absolute measure, we know that if it never changes in real terms, we will reduce poverty even if we do nothing.
  9. Defining Poverty
    The threshold income level, which is used to determine who falls into the poverty category,was originally based on the cost of a nutritionally adequate food plan designed by the U.S. Department of Agriculture.
  10. Transfer Payments as Income
    Welfare, Social Security, etc.
  11. Attacks on Poverty: Major Income Maintenance Programs
    SOCIAL SECURITY,

    SUPPLEMENTAL SECURITY INCOME (SSI)

    TEMPORARY ASSISTANCE TO NEEDY FAMILIES (TANF)

    FOOD STAMPS

    THE EARNED INCOME TAX CREDIT PROGRAM
  12. Third parties
    Parties who are not directly involved in a given activity or transaction. For example,in the relationship between caregivers and patients, fees may be paid by third parties(insurance companies, government).
  13. Health insurance exchanges
    Government agencies to which the national health care program assigns the task of assisting individuals, families, and small businesses in identifying health insurance policies to purchase.

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