Distribution of income Distribution of income Distribution of income  - How incomes are shared out between individuals and households., Income - The reward for a service provided by a factor of production., Real - Something measured when inflation is taken into account., Wealth - A stock of assets at a point in time. These assets can be given a monetary value. , wages - money paid in exchange fore labour. , Higher wages are paid - to people with more experience/qualifications. , Industries pay higher wages - if the good/service is in high demand. , Wages are affected by the economy - boom or recession for example. , National minimum wage (NWM) - a minimum wage dependent on age. , Rent - is a form of income paid to land/house owner. , Interest from saving is classed - as a form of income. , Profit - is the reward for enterprise. , State benefits - are transfer payments from the state to the person e.g. child benefit. income., Wealth can be measured - at a point of time. , Gross income - incomes receivied before any taxes are taken or benefits given. , Disposable income - the money left over after needs have been paid. , The richest 10% incomes are - 10x higher than the poorest 10% of the population. , Income earning assets are  - distributed unevenly - higher in SE England - London. , Incomes are age related with - younger and older people earning the least. , Incomes are gender related - as women who have children often fall behind or tend to work in low demand industries. , Wealth is much more - unevenly spread than income. London most ,

Unemployment - Fair distribution - Price Stability OCR GCSE

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