ECON 101 Chapter Notes - Chapter 12: Marginal Utility, Adverse Selection
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ECON 101 Full Course Notes
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Document Summary
Distribution of income: few people earn most of the money, inequality is rising. Us has more inequality than other countries: permanent income. Rich people have moderate spending habits: wealth. Children generally enjoy half of economic benefits of parents. Poverty line amount necessary to support a family of a certain size: ,800 for family of 4. Poverty rate percentage of people making less than poverty line: ~14. 8% Tw views of poverty: absolute poverty, adequacy of resources available, same in every country at all times in history, relative poverty, adequacy of resources should be judged in relation to contemporary society. Global poverty: poverty line . 90 per day. Hunger: us poor are not part of global poor. Temporary & long term poverty: many people come in and out of poverty. College students: more than half of people in poverty are in temporary poverty. Concentrated in people who do not have jobs. Services government provides rather than private companies.
