Overview
Economic inequality is a pressing issue that affects societies worldwide. It refers to the unequal distribution of wealth and income, leading to significant gaps between different socio-economic groups. Understanding the causes and effects of economic inequality is crucial for developing effective p...
Key Terms
Example: In a society with high wealth distribution, a small percentage of people hold most of the wealth.
Example: The income gap between the top 10% and the bottom 10% has been increasing in many countries.
Example: High social mobility means that people can improve their economic status through education and hard work.
Example: In a progressive tax system, higher earners pay a larger percentage of their income in taxes.
Example: Some countries are experimenting with universal basic income to reduce poverty.
Example: Welfare programs can help reduce economic inequality by supporting low-income families.