Economic Equality Definition Quizlet

The ability of people to undertake economic transactions with people in other countries free from any restraints imposed by governments or other regulators tariffs a tax or duty to be paid on a particular class of imports or exports.

Economic equality definition quizlet. A political system in which in theory ownership of all land and productive facilities is in the hands of the people and all goods are equally shared. The wealthy highly educated class in a society. A concept expressing how certain people are of the same status in certain respects the definition must be vague for all the interpretations of this term including economic equality social equality political equality civil equality and moral equality. Start studying economic goals.

But being born into poverty does not automatically mean you stay poor. Economic equality refers to an economy in that all of the inhabitants are equally wealthy and have the same status in the economy because they have had the same opportunities non discriminant on. Collective values we all make the same. Economic inequality study guide by anthony clayton8 includes 29 questions covering vocabulary terms and more.

Used to quantify the degree of income inequality in a nation. The production and distribution of goods are controlled by an authoritarian government. It is a concern in almost all countries around the world and often people are trapped in poverty with little chance to climb up the social ladder. Owned all means of production.

The ratio of the area above a country s lorenz curve and below the line of equality to the toal area below the line of equality requires derivation to fully calculate. Learn vocabulary terms and more with flashcards games and other study tools. An economic system that operates with limited government intervention. Economic inequality is the unequal distribution of income and opportunity between different groups in society.

An ideology that holds that all people should be treated as equals and have the same political civil economics and social rights under the law. A a b higher greater inequality.