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Income Distribution

TermDefinition
Goal of equity in income distribution ensures incomes earned and received by Australian are sufficient enough to have a dignified standard of living and that there are no individuals or households in Australia experiencing absolute poverty,
Lorenz Curve represent graphically the share of total income for a percentage of income recipients. The greater the deviation of the Lorenz curve from the line of total equity, the greater the level of inequity.
Gini Coefficient is used to measure the degree of equity in the distribution of income. It is a measure of the area on the Lorenz diagram between the line of total equity and the Lorenz curve. The lower the Gini coefficient, the more equality is represented,
Poverty line represents a measure where people with incomes that fall below this benchmark would be living with material deprivation.
Created by: sarah5930
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