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Economics: Topic 5, Year 2 Definitions - Statistics
General Stats
- This quiz has been taken 6 times
- The average score is 3 of 9
Answer Stats
| Definition | Answer | % Correct |
|---|---|---|
| A state or condition in which a person or community lacks the financial resources and essentials needed to enjoy the basic needs of life, such as food, clothing and shelter. | Poverty | 100%
|
| Means 'fairness' and examines the justness of the extent to which different individuals have the same or different levels of income and wealth. | Equity | 67%
|
| Means that a person's income is considered to be insufficient for them to satisfy basic human needs. | Absolute Poverty | 33%
|
| Measures the extent to which different individuals have the same level of income and wealth. | Equality | 33%
|
| When a person's income is a certain level below a society's average (median) income. | Relative Poverty | 33%
|
| A comparison of the current income levels of inhabitants of a country or community. | The Distribution of Income | 17%
|
| A comparison of the value of the stock of assets held by inhabitants of a country or community. | The Distribution of Wealth | 17%
|
| An arithmetic measure of inequalities in income and wealth. Typically, this number ranges between zero (perfect equality) and one (perfect inequality). | The Gini Coefficient | 17%
|
| A graphical device used to show distributional inequality. Primarily it is used to show inequalities in income and wealth. | The Lorenz Curve | 0%
|
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