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In: Economics

what are some of the dimensions of economic inequality and what is considered income?

what are some of the dimensions of economic inequality and what is considered income?

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Expert Solution

The dimensions of economic inequality are:-

1) Income Inequality:- It shows the extent to which income is unevenly distributed in a group of people. Income includes all money like income from salary, investments such as interest on savings and dividend, benefits like pension, rent etc.

2) Pay inequality:- It shows the difference in pay and income. Pay refers to payment from employment only. Here pay can be hourly, monthly, annually, it can include bonus and other benefits. The difference in pay can be seen within one company or different companies.

3) Wealth inequality:- Here wealth refers to total amount o assets owned by the individual and household. This includes financial assets and nonfinancial asset. The inequality arises due to unequal distribution of wealth among people.

Income includes everything right from salary to investments made, interest earned on savings, dividend,b enefits like pension , rent etc.

Rahul Sunny answered 1 year ago
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