Unit 3.4(1) Economics of inequality and poverty

IB Economics: Unit 3.4(1) Economics of inequality and poverty

Equality in economics is the way the economic outcomes for different people in society are the same. We often consider equality in the way the income generated by the economic activity of a country is shared out amongst the country’s population. We know from the circular flow of income model that the GDP of a country produces an income that is distributed to different households of that country. But the model does...

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