be the aftermath can be devastating. Not only are you dealing with having to get your car fixed‚ you may be injured because of the accident. When it is because of the negligence of someone else‚ you have the right to be fairly compensated for the income you will lose while you are recovering from the injury. An injury resulting from a car accident can easily cause you the need to take time off from work. Unfortunately for some people‚ their jobs do not include paid sick days or even vacation time
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be included (A) in or excluded (B) from gross income for the 2012 tax year. 1. Alimony | | 2. Lottery winnings | | 3. Life insurance proceeds received upon the death of a family member | | 4. Child support payments | | 5. Reimbursement of hospital expenses from a health insurance plan | | 6. Municipal bond interest | | 7. Unemployment compensation | | 8. Scholarships for tuition and books | | 9. Wages | | 10. Farm income | | 11. Inheritances | | Which of the following
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Income is an economic standard to retain a successful life in today’s society. An average individual hopes for stable‚ reliable and a fair income‚ however‚ when the standards don’t meet expectation‚ it gives rise to social and economic issues. One of the more prominent issue we are facing in our income inequality. The standard definition for income inequality would be the gap between individuals or households who makes the most money and who makes the least‚ or as some would put it‚ the gap between
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20: Income Inequality and Poverty 1) Income Inequality and Poverty A person’s earnings depend on the supply and demand for that person’s labor‚ which in turn depend on natural ability‚ human capital‚ compensating differentials‚ discrimination‚ and so on. 2) THE MEASUREMENT OF INEQUALITY How much inequality is there in our society? How many people live in poverty? What problems arise in measuring the amount of inequality? How often do people move among income classes? 3) Table 1 The Distribution
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Measurement of National Income • Like the accounts of a business national income accounts have two sides: a product side and an income side. • On the product side production and sales are measured. • The income side measures the distribution of the proceeds from sales. • On the product side there are two widely reported measures of overall production: • Gross domestic product (GDP) and gross national product (GNP) • GDP and GNP differ in their treatment of international transactions. • GNP
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Per capita income as a measure of prosperity Per capita income is often used as average income‚ a measure of the wealth of the population of a nation‚ particularly in comparison to other nations. Per capita income is often used to measure a country’s standard of living. It is usually expressed in terms of a commonly used international currency such as the Euro or United States dollar‚ and is useful because it is widely known‚ easily calculated from readily-available GDP and population estimates
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Recently‚ a term known as income inequality has been thrown around in the debate between the rich and the poor. Income inequality is the unfair and ever expanding disparity between the nation ’s highest-income households‚ and the lowest-income households. Although it ’s impossible to establish 100% equality‚ due to it being unfair to give everyone the same exact income even though certain individuals work harder than others‚ thus it should be our
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the growing inequality between wages and profits. Through looking at these two relationships we can see the worsening condition of the distribution of income and wealth in Australia. When looking at changes in income in Australia‚ the recent trends (as seen in diagram 1 and diagram 2) shows the top 20% or highest quintile‚ increasing their income share from an averaged 38% in 1994/95 to over 41% in 2007/08. This increase has resulted from the long period of economic growth‚ characterised by increasing
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Low income community is the target market for extreme value retailers like Dollar General and Family Dollar. But they also serve the rural and urban shoppers that belong to low-to-middle-income families‚ ethic groups and older customers with fixed incomes. The low income families experience significant higher levels of material hardships than families one rung father up the economic ladder – families with incomes two to three times the poverty level. They tend to skip meals or not being
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some consumers. Proportion of income required by the item: products requiring a larger portion of the consumer’s income tend to have greater elasticity. • Time period considered: elasticity tends to be greater over the long run because consumers have more time to adjust their behavoir to price changes. Income elasticity of demand measure the degree of responsiveness of quantity demanded of good X to a given change in level of income‚ ceteris paribus. Income elasticity of demand is calculated
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