1.5.7: Key Terms
- Page ID
- 338821
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|---|---|---|---|---|---|
| (Eg. "Genetic, Hereditary, DNA ...") | (Eg. "Relating to genes or heredity") |  | The infamous double helix | https://bio.libretexts.org/ | CC-BY-SA; Delmar Larsen |
| Word(s) | Definition | Image | Caption | Link | Source |
|---|---|---|---|---|---|
| earned income tax credit, EITC | a method of assisting the working poor through the tax system | ||||
| effective income tax | percentage of total taxes paid divided by total income | ||||
| estate tax | a tax imposed on the value of an inheritance | ||||
| income | a flow of money received, often measured on a monthly or an annual basis | ||||
| income inequality | when one group receives a disproportionate share of total income or wealth than others | ||||
| Lorenz curve | a graph that compares the cumulative income actually received to a perfectly equal distribution of income; it shows the share of population on the horizontal axis and the cumulative percentage of total income received on the vertical axis | ||||
| Medicaid | a federal–state joint program enacted in 1965 that provides medical insurance for certain (not all) people with a low-income, including those near the poverty line as well as those below the poverty line, and focusing on low-income families with children, the low-income elderly, and people with disabilities | ||||
| poverty | the situation of being below a certain level of income one needs for a basic standard of living | ||||
| poverty line | the specific amount of income one requires for a basic standard of living | ||||
| poverty rate | percentage of the population living below the poverty line | ||||
| poverty trap | antipoverty programs set up so that government benefits decline substantially as people earn more income—as a result, working provides little financial gain | ||||
| progressive tax system | a tax system in which the rich pay a higher percentage of their income in taxes, rather than a higher absolute amount | ||||
| quintile | dividing a group into fifths, a method economists often use to look at distribution of income | ||||
| redistribution | taking income from those with higher incomes and providing income to those with lower incomes | ||||
| safety net | the group of government programs that provide assistance to people at or near the poverty line | ||||
| Supplemental Nutrition Assistance Program, SNAP | a federally funded program, started in 1964, in which each month poor people receive SNAP cards they can use to buy food | ||||
| wealth | the sum of the value of all assets, including money in bank accounts, financial investments, a pension fund, and the value of a home |