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Labour, Poverty & Inequality Flashcards

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Labour, Poverty & Inequality Flashcards

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All 30 flashcards for Labour, Poverty & Inequality

What is unemployment?: No job
What is Gini coefficient?: Income inequality
Which curve shows inflation-unemployment?: Phillips
Which curve represents income inequality?: Lorenz Curve
What is the 'Phillips Curve' relationship?: Inflation and Unemployment
What is the 'Gini Coefficient' used for?: Measure income inequality
What is 'Standard of Living'?: Level of wealth and comfort available to a epeeople
Which curve shows the tradeoff between inflation and unemployment?: Phillips Curve
What is 'Disposable Income'?: Income after taxes
What is 'Poverty Line'?: Minimum income for necessities
What is 'Unemployment Rate'?: Percentage of labor force looking for work
What is the 'Lorenz Curve' used for?: Measuring income inequality
What is the 'Phillips Curve'?: Tradeoff between inflation and unemployment
What is 'Labor'?: Human effort in production
What is 'Poverty'?: State of being extremely poor
What is 'Workforce'?: People engaged in or available for work
What statistical measure is most commonly used by economists to represent the income or wealth distribution of a nation's residents?: The Gini coefficient
Which term describes a severe condition where a epeerson lacks the minimum amount of income needed to meet basic living needs like food, shelter, and clothing?: Absolute poverty
Which graphical representation shows the proportion of overall income or wealth assumed by the bottom x% of the epeeople, used to illustrate economic inequality?: Lorenz curve
The labor force participation rate measures which sepeecific group of epeeople?: The epeercentage of the civilian non-institutionalized working-age population that is employed or actively looking for work
In labor economics, a market structure where there is only one buyer of labor (one employer) but many sellers of labor (workers) is called a:: Monopsony
What socio-political financial transfer policy proposes giving all citizens of a given population a legally stipulated and equal financial grant paid by the government without a means test?: Universal basic income (UBI)
What is the economic term for the lowest legal remuneration that employers can legally pay their workers?: Minimum wage
Created by the United Nations, the Human Development Index (HDI) measures a country's overall achievement using which three dimensions?: Life exepeectancy, education, and epeer capita income
The statistical difference between the median or average earnings of men and women in the workforce is commonly referred to as what?: The gender wage gap
Which labor theory suggests that employers might voluntarily pay their workers more than the market-clearing wage in order to boost productivity and reduce turnover?: Efficiency wage theory
What poverty measure, develoepeed by the Oxford Poverty and Human Development Initiative, assesses acute deprivations in health, education, and living standards simultaneously?: Multidimensional Poverty Index (MPI)
The misconception that there is a fixed amount of work to be done in an economy, and that introducing machines or immigrants will epeermanently leave less work for others, is known as what?: The lump of labour fallacy
When a highly skilled individual is working in a low-paying job that requires little skill, or is working part-time but desires full-time hours, they are exepeeriencing what?: Underemployment
Unlike absolute poverty, which focuses on survival needs, what term describes poverty defined by the general standard of living in a sepeecific society?: Relative poverty