Chap. 15 Microeconomics Vocab. - Custom Scholars
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# Chap. 15 Microeconomics Vocab.

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Income
A flow measure reflecting the funds received by individuals or households over a period of time, usually a week, month, or year.
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Wealth
A stock measure of an individual's or family's assets, net of liabilities, at a given point in time.
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Functional distribution of income
The distribution of income for resources or factors of production (land, labor, capital, and entrepreneurial ability).
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Personal or family distribution of income
The distribution of income to individuals or family groups (typically quintiles, or fifths, of the population).
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Lorenz curve
A graphical method of showing the income distribution by cumulating families of various income levels on the horizontal axis and relating this to their cumulative share of total income on the vertical axis.
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Gini coefficient
A precise method of measuring the position of the Lorenz curve, defined as the area between the Lorenz curve and the equal distribution line divided by the total area below the equal distribution line.
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Poverty thresholds
Income levels for various households sizes, below which people are considered to be living in poverty.
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Income deficit
The difference between the poverty threshold and a family's income
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Ratio of income to poverty
The ratio of family income to the poverty threshold. Families with ratios below 0.5 are considered severely poor, families with ratios between 0.5 and 1.0 are considered poor, and those families with ratios between 1.0 and 1.25 are considered near poor.
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question
Income
A flow measure reflecting the funds received by individuals or households over a period of time, usually a week, month, or year.
question
Wealth
A stock measure of an individual's or family's assets, net of liabilities, at a given point in time.
question
Functional distribution of income
The distribution of income for resources or factors of production (land, labor, capital, and entrepreneurial ability).
question
Personal or family distribution of income
The distribution of income to individuals or family groups (typically quintiles, or fifths, of the population).
question
Lorenz curve
A graphical method of showing the income distribution by cumulating families of various income levels on the horizontal axis and relating this to their cumulative share of total income on the vertical axis.
question
Gini coefficient
A precise method of measuring the position of the Lorenz curve, defined as the area between the Lorenz curve and the equal distribution line divided by the total area below the equal distribution line.
question
Poverty thresholds
Income levels for various households sizes, below which people are considered to be living in poverty.
question
Income deficit
The difference between the poverty threshold and a family's income
question
Ratio of income to poverty
The ratio of family income to the poverty threshold. Families with ratios below 0.5 are considered severely poor, families with ratios between 0.5 and 1.0 are considered poor, and those families with ratios between 1.0 and 1.25 are considered near poor.

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