ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Income inequality is how unevenly income is distributed throughout a population. The less equal the distribution, the higher income inequality is. Income inequality is often accompanied by wealth inequality, which is the uneven distribution of wealth.

Detailed explanation-2: -Wealth inequality is much more severe than income inequality.

Detailed explanation-3: -Economic inequality is the unequal distribution of income and opportunity between different groups in society. It is a concern in almost all countries around the world and often people are trapped in poverty with little chance to climb up the social ladder.

Detailed explanation-4: -The distribution of wealth differs from the income distribution in that it looks at the economic distribution of ownership of the assets in a society, rather than the current income of members of that society.

Detailed explanation-5: -Wealth is usually more unequally distributed than earnings. This is mainly because: Wealth is accumulated savings that can be passed on from parents to children. Which of the following statements most accurately summarizes recent trends in global income inequality, as presented in Unit 19.1?