Economic growth represents an increase in the   of an economy or an increase in real GDP or     .

  capacity  real  GDP  GNI  productive  income 

Development / living standards represents improvements to the quality of life in a nation, measured by per capita,     and life   .

rates  expectancy  literacy  standards  GDP  GNI 

 unemployment is a long term form of unemployment caused by fundamental changes in an economy.

Structural  Seasonal  Long term  Frictional 

GDP is calculated by an index of economic growth minus the environmental consequences caused by that growth.

Sustainable  Green  Net 

equals the available assets that a person owns which may include property, stocks and shares, personal savings or easily tradable valuable items such as gold or jewellery.

 Income  Wealth 

Income equals the amount that an individual receives from (if they have a job) from on land or property,  on their savings in the bank or  on stocks and shares that they may earn.  These monies when added together collectively make up the individual’s income or gross .

  rent  wages  shares  profit  ouput  interest  income 

Net income represents a person's gross income minus paid.

taxes  interest 

can be described as fairness in terms of providing each member of society with the same opportunities to be successful - access to healthcare, education and training e.t.c.

Equality  Equity 

 recognises that each person has different circumstances and allocates the exact resources and opportunities needed to reach an equal outcome. 

Equality  Equity 

  is the condition in which people lack the minimum amount of income needed in order to maintain the average standard of living in the society in which they live.  A person is described as relatively poor if they ear less than    % of the mean wage in the country.

  Absolute  Relative  50  20  poverty 

The      was developed by Max Lorenz in 1905 and illustrates the level of income inequality within an economy.

curve  laffer  lorenz  gini  coefficient 

The  coefficient is a formulae developed by Corrado Gini in 1912, it measures the level of income   within a society, but in numerical form.  Nations given a Gini coefficient of between 0 and 1, with  being the most unequal and representing a nation where ever citizen earned the same.

 1  0  100  gini  inequality  -1 

taxation includes taxes where the burden paid increases when a households income rises.  It means that the   wage a person earns, the higher their average rate of tax is.

lower  higher  Proportional  Progressive  Regressive  income 

taxation are taxes where the burden paid falls when a households income rises.  Regressive taxes take a larger percentage of individuals on low   than individuals on higher incomes.

 lower  higher  Proportional  Progressive  Regressive  incomes

taxes are taxes where the burden falls equally on both low and high income households.    taxes will apply the same % tax burden, regardless of the level of income earned.

lower  higher  Proportional  Progressive  Regressive  income 

  are payments made by governments in the form of welfare benefits and   subsidies for which money, goods, or services are received.

  public  Private  welfare  payments  no  Transfer