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Ag Econ
Chapter 15: Poverty & Economic Inequality
| Term/Question | Definition/Answer |
|---|---|
| Poverty | measured by # of ppl who fell below certain level of income; poverty line |
| Poverty Line | specific amount of income one requires for basic standard of living |
| Income Inequality | compares share of total income (wealth) in society that different groups receive |
| Poverty Rate | % of population below poverty line in given year |
| Poverty Trap | anti-poverty programs set up so gov. benefits decline substantially as ppl earn more income; result = working provides little financial gain |
| Safety Net | group gov. programs providing assistance to ppl experiencing poverty |
| Temporary Assistance for Needy Families (TANF) | Welfare Reform Act |
| Earned Income Tax Credit (EITC) | method of assisting poor working thru. the system |
| Supplemental Nutrition Assistance Program (SNAP) | federally funded program where each month ppl receive card can use to buy food; Farm Bill = 79% food stamps/nutrition |
| Medicaid | betwix states/gov. (federal); insurance for ppl w/ tax incomes w/ focus on families w/ children, elderly/disabilities; 135-185% of poverty line; 1 in 5 Americans received; Farm States - 14-15% of total pop.; NE total Medicaid in 2022 - 15.7% |
| Quintile | dividing group into 1/5; method economists use to look @ distribution income; poor get poorer, rich get richer |
| Income | flow of money received, often measured on monthly/annual basis - cash put in pocket; redistribution - hi to low income |
| Wealth | sum of value of all assets including $ in bank accounts, financial investments, pension fund and value of a home; total value of stuff you have |
| Redistribution | taking income from those w/ higher incomes and providing income to those w/ lower incomes |
| Progressive Tax System | tax system where rich pay higher % of income in taxes, rather than higher absolute amount |
| Effective Tax System | total taxes paid divided by total income |
| Estate Tax | tax imposed on value of an inheritance |
| Ladder of Opportunity | Improved Daycare; Enriched Preschool Program; Improved Public Schools; College loans/grants for those in financial need; Opportunities for relaxing/aquiring new skills; Prohibiting discrimination in job markets/housing |
Created by:
horktera
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