{"id":2479,"date":"2015-06-26T15:16:47","date_gmt":"2015-06-26T15:16:47","guid":{"rendered":"https:\/\/courses.candelalearning.com\/masterymicro1xngcxmaster\/?post_type=chapter&p=2479"},"modified":"2015-07-11T22:13:15","modified_gmt":"2015-07-11T22:13:15","slug":"glossary-income-distribution","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/atd-herkimer-microeconomics\/chapter\/glossary-income-distribution\/","title":{"raw":"Glossary: Income Distribution","rendered":"Glossary: Income Distribution"},"content":{"raw":"
<\/div>\r\n
earned income tax credit (EITC)<\/dt>
a method of assisting the working poor through the tax system<\/dd>
effective income tax<\/dt>
percentage of total taxes paid divided by total income<\/dd>
estate tax<\/dt>
a tax imposed on the value of an inheritance<\/dd>
income inequality<\/dt>
when one group receives a disproportionate share of total income or wealth than others<\/dd>
income<\/dt>
a flow of money received, often measured on a monthly or an annual basis<\/dd>
Lorenz curve<\/dt>
a graph that compares the cumulative income actually received to a perfectly equal distribution of income; it shows the share of population on the horizontal axis and the cumulative percentage of total income received on the vertical axis<\/dd>
Medicaid<\/dt>
a federal\u2013state joint program enacted in 1965 that provides medical insurance for certain (not all) low-income people, including the near-poor as well as those below the poverty line, and focusing on low-income families with children, the low-income elderly, and the disabled<\/dd>
near-poor<\/dt>
those who have incomes just above the poverty line<\/dd>
poverty line<\/dt>
the specific amount of income needed for a basic standard of living<\/dd>
poverty rate<\/dt>
percentage of the population living below the poverty line<\/dd>
poverty trap<\/dt>
antipoverty programs set up so that government benefits decline substantially as people earn more income\u2014as a result, working provides little financial gain<\/dd>
poverty<\/dt>
the situation of being below a certain level of income needed for a basic standard of living<\/dd>
progressive tax system<\/dt>
a tax system in which the rich pay a higher percentage of their income in taxes, rather than a higher absolute amount<\/dd>
quintile<\/dt>
dividing a group into fifths, a method often used to look at distribution of income<\/dd>
redistribution<\/dt>
taking income from those with higher incomes and providing income to those with lower incomes<\/dd>
Supplemental Nutrition Assistance Program (SNAP)<\/dt>
a federally funded program, started in 1964, in which each month poor people receive SNAP cards they can use to buy food<\/dd>
safety net<\/dt>
the group of government programs that provide assistance to the poor and the near-poor<\/dd>
wealth<\/dt>
the sum of the value of all assets, including money in bank accounts, financial investments, a pension fund, and the value of a home<\/dd><\/dl>","rendered":"
<\/div>\n
\n
earned income tax credit (EITC)<\/dt>\n
a method of assisting the working poor through the tax system<\/dd>\n
effective income tax<\/dt>\n
percentage of total taxes paid divided by total income<\/dd>\n
estate tax<\/dt>\n
a tax imposed on the value of an inheritance<\/dd>\n
income inequality<\/dt>\n
when one group receives a disproportionate share of total income or wealth than others<\/dd>\n
income<\/dt>\n
a flow of money received, often measured on a monthly or an annual basis<\/dd>\n
Lorenz curve<\/dt>\n
a graph that compares the cumulative income actually received to a perfectly equal distribution of income; it shows the share of population on the horizontal axis and the cumulative percentage of total income received on the vertical axis<\/dd>\n
Medicaid<\/dt>\n
a federal\u2013state joint program enacted in 1965 that provides medical insurance for certain (not all) low-income people, including the near-poor as well as those below the poverty line, and focusing on low-income families with children, the low-income elderly, and the disabled<\/dd>\n
near-poor<\/dt>\n
those who have incomes just above the poverty line<\/dd>\n
poverty line<\/dt>\n
the specific amount of income needed for a basic standard of living<\/dd>\n
poverty rate<\/dt>\n
percentage of the population living below the poverty line<\/dd>\n
poverty trap<\/dt>\n
antipoverty programs set up so that government benefits decline substantially as people earn more income\u2014as a result, working provides little financial gain<\/dd>\n
poverty<\/dt>\n
the situation of being below a certain level of income needed for a basic standard of living<\/dd>\n
progressive tax system<\/dt>\n
a tax system in which the rich pay a higher percentage of their income in taxes, rather than a higher absolute amount<\/dd>\n
quintile<\/dt>\n
dividing a group into fifths, a method often used to look at distribution of income<\/dd>\n
redistribution<\/dt>\n
taking income from those with higher incomes and providing income to those with lower incomes<\/dd>\n
Supplemental Nutrition Assistance Program (SNAP)<\/dt>\n
a federally funded program, started in 1964, in which each month poor people receive SNAP cards they can use to buy food<\/dd>\n
safety net<\/dt>\n
the group of government programs that provide assistance to the poor and the near-poor<\/dd>\n
wealth<\/dt>\n
the sum of the value of all assets, including money in bank accounts, financial investments, a pension fund, and the value of a home<\/dd>\n<\/dl>\n\n\t\t\t
\n\t\t\t

Candela Citations<\/h3>\n\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
CC licensed content, Shared previously<\/div>