SOCI 2220H Lecture Notes - Lecture 1: Income Tax, Iqvia
5 Apr 2016
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Document Summary
Income (low); money from things you do: from labour- income that comes from work people do (wages, salaries, from capital- interest, dividends, royalies, proits, rents, capital gains. Wealth (stock); money from things you own: capital (can be public or private)- total nonhuman assets that can be owned and exchanged in some market. Capital used by irms and governments: plants, infrastructure, machinery, patents, trademarks. Financial assets: bank accounts, bonds, stocks, investments, pension funds minus liabiliies (debts) Summary staisics- atempt to summarize inequality in a single measure: per capita (mean)- average per person (as if distributed equally, median- mid point; half get more than the median, half get less, gini index.
