Income And Wealth Tutor2u

Income is not the same as wealth.

Income and wealth tutor2u. 2 money paid to people receiving welfare benefits such as the state pension and tax credits. The level of inequality of income and wealth can be measured in several ways. 1 wages and salaries paid to people from their jobs. Undp hdi report for 2014.

Inequality in the distribution of income and wealth. An unequal distribution of income and wealth may result in an unsatisfactory allocation of resources and can also lead to alienation and encourage crime with negative consequences for the rest of society. A 2019 examiner report said that many students could not distinguish clearly between income inequality and wealth inequality. The free market system will not always respond to the needs and wants of people with insufficient economic votes to have any impact on market demand.

In terms of global income inequality the poorest two thirds of the world s people are estimated to receive less than 13 percent of world income while the richest 1 percent take nearly 15 percent source. In this video we look at the difference between income and wealth and consider those jobs in the uk that are very low paid contrasted with the. Income is a flow of money going to factors of production. This is a revision presentation on wealth and income inequality.

He has over twenty years experience as head of economics at leading schools. Geoff riley frsa has been teaching economics for over thirty years. Tutor2u partners with teachers schools to help students maximise their performance in important exams fulfill their potential.