Income Inequality

Definition

Income inequality refers to the unequal distribution of income among individuals or households in a society. It highlights the disparities in earnings and wealth between different groups, often resulting in a significant gap between the rich and the poor.

Related terms

Poverty Line: The poverty line is the threshold below which individuals or families are considered to be living in poverty, based on their income level.

Wealth Gap: The wealth gap refers to the disparity in assets and net worth between different segments of society, reflecting differences in accumulated wealth.

Social Mobility: Social mobility refers to an individual's ability to move up or down the social ladder based on factors such as education, occupation, and income.