Q-what are some of the dimensions of economic inequality and what is considered income? Page 3 start below As in the case of income distribution, calculation of wealth distribution is done by different entities using different measurements, resulting in a disparity in outcomes. In fact, commonly, wealth is narrowly defined as financial wealth—namely, cash on hand and the money value of tangible and nonliquid assets. Even just the market valuation of financial portfolios is commonly used to define financial wealth. However, some may extend the definition to include the value of income streams and insurance rights that, for the most part, cannot be transacted or encumbered. These include Medicare, Medicaid, and Social Security. When such transfers and public assistance are included, the poor and many elderly could benefit, reducing the wealth disparity (Galbraith 2016). To obtain net wealth, the value of the debts are subtracted subtracted from the value of the assets. Galbraith stated that financial wealth is the most unequal and that much of the US population has no net financial wealth, and this is especially true for African American and immigrant households. Even for the middle class, the value of financial assets may be smaller than the value of a mortgage debt, held against housing. In measuring global poverty, the World Bank Group (2016) and the World Bank national accounts (2015) first created a measure of well-being that shows the differences in the quality of life across an entire population. To determine the standard for well-being, a survey was conducted. The survey determined the quality of life based on the data range of consumption and income, which is created by dividing the population into those with the highest and lowest of well-being. This is done in order to better compare the data, which are the monetary values that are given to different variables that establish a point where income and consumption are deemed insufficient to have good quality of life. When that point 2nd time posting for better answers answer need from reading AND expertise of economic Q-what are some of the dimensions of economic inequality and what is considered income? Page 3 start below As in the case of income distribution, calculation of wealth distribution is done by different entities using different measurements, resulting in a disparity in outcomes. In fact, commonly, wealth is narrowly defined as financial wealth—namely, cash on hand and the money value of tangible and nonliquid assets. Even just the market valuation of financial portfolios is commonly used to define financial wealth. However, some may extend the definition to include the value of income streams and insurance rights that, for the most part, cannot be transacted or encumbered. These include Medicare, Medicaid, and Social Security. When such transfers and public assistance are included, the poor and many elderly could benefit, reducing the wealth disparity (Galbraith 2016). To obtain net wealth, the value of the debts are subtracted subtracted from the value of the assets. Galbraith stated that financial wealth is the most unequal and that much of the US population has no net financial wealth, and this is especially true for African American and immigrant households. Even for the middle class, the value of financial assets may be smaller than the value of a mortgage debt, held against housing. In measuring global poverty, the World Bank Group (2016) and the World Bank national accounts (2015) first created a measure of well-being that shows the differences in the quality of life across an entire population. To determine the standard for well-being, a survey was conducted. The survey determined the quality of life based on the data range of consumption and income, which is created by dividing the population into those with the highest and lowest of well-being. This is done in order to better compare the data, which are the monetary values that are given to different variables that establish a point where income and consumption are deemed insufficient to have good quality of life. When that point
2nd time posting for better answers
answer need from reading AND expertise of economic
Q-what are some of the dimensions of economic inequality and what is considered income?
Page 3 start below
As in the case of income distribution, calculation of wealth distribution is done by different entities using different measurements,
resulting in a disparity in outcomes. In fact, commonly, wealth
is narrowly defined as financial wealth—namely, cash on hand
and the money value of tangible and nonliquid assets. Even just
the market valuation of financial portfolios is commonly used to
define financial wealth. However, some may extend the definition
to include the value of income streams and insurance rights that,
for the most part, cannot be transacted or encumbered. These
include Medicare, Medicaid, and Social Security. When such
transfers and public assistance are included, the poor and many
elderly could benefit, reducing the wealth disparity (Galbraith
2016). To obtain net wealth, the value of the debts are subtracted
subtracted from the value of the assets. Galbraith stated that
financial wealth is the most unequal and that
much of the US population has no net financial
wealth, and this is especially true for African
American and immigrant households. Even for
the middle class, the value of financial assets may
be smaller than the value of a mortgage debt, held
against housing.
In measuring global poverty, the World Bank Group (2016) and
the World Bank national accounts (2015) first created a measure
of well-being that shows the differences in the quality of life across
an entire population. To determine the standard for well-being,
a survey was conducted. The survey determined the quality of
life based on the data range of consumption and income, which
is created by dividing the population into those with the highest
and lowest of well-being. This is done in order to better compare
the data, which are the monetary values that are given to different
variables that establish a point where income and consumption are
deemed insufficient to have good quality of life. When that point
2nd time posting for better answers
answer need from reading AND expertise of economic
Q-what are some of the dimensions of economic inequality and what is considered income?
Page 3 start below
As in the case of income distribution, calculation of wealth distribution is done by different entities using different measurements,
resulting in a disparity in outcomes. In fact, commonly, wealth
is narrowly defined as financial wealth—namely, cash on hand
and the money value of tangible and nonliquid assets. Even just
the market valuation of financial portfolios is commonly used to
define financial wealth. However, some may extend the definition
to include the value of income streams and insurance rights that,
for the most part, cannot be transacted or encumbered. These
include Medicare, Medicaid, and Social Security. When such
transfers and public assistance are included, the poor and many
elderly could benefit, reducing the wealth disparity (Galbraith
2016). To obtain net wealth, the value of the debts are subtracted
subtracted from the value of the assets. Galbraith stated that
financial wealth is the most unequal and that
much of the US population has no net financial
wealth, and this is especially true for African
American and immigrant households. Even for
the middle class, the value of financial assets may
be smaller than the value of a mortgage debt, held
against housing.
In measuring global poverty, the World Bank Group (2016) and
the World Bank national accounts (2015) first created a measure
of well-being that shows the differences in the quality of life across
an entire population. To determine the standard for well-being,
a survey was conducted. The survey determined the quality of
life based on the data range of consumption and income, which
is created by dividing the population into those with the highest
and lowest of well-being. This is done in order to better compare
the data, which are the monetary values that are given to different
variables that establish a point where income and consumption are
deemed insufficient to have good quality of life. When that point
The term "income inequality" is an uneven distribution of income throughout its population. Thus, it implies that the lesser the equal distribution, the greater the income inequality. Income inequality is usually accompanied by wealth inequality, which is uneven wealth distribution.
Dimensions of economic inequality are:
- Per capita income: This tool measures the country's standard of living and shows different countries' relative importance. For the measurement of per capita income, real GDP (gross domestic product) per capita is used to adjust inflation. The threshold for per capita income for developed countries is set at US $ 132,099 and for developing countries at the US $687.
- Poverty line (extreme): It is defined as an established point that states the minimum food consumption for sustaining life. The benchmark for measuring the extreme poverty line is the US $1.90 a day purchasing power parity (2011). It implies that a person requires the US $1.90 to purchase sufficient food to meet the daily caloric need.
- Pre-tax cash income: It is a tool for defining poverty status. This tool is annually adjusted for inflation, composition size, family size, and householder age. In 2014, the poverty threshold for a family of four individuals was set up at the US $24,230.
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