18 Jan 2022
Problem 1b
Page 376
Section SELF: CHECK QUESTIONS
Chapter 15: Poverty and Economic Inequality Figure
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18 Jan 2022
Introduction
Income is influenced by demand and supply in labor markets which can often lead to disparities in income that result in income that is very high for some and very low for others. Poverty refers to a concept linked with people who are unable to fulfill their basic needs.
Income inequality talks about disparities in income, between people with higher and lower incomes.
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