Individuals, firms, markets and market failure (7136)
All documents for this subject (44)
Seller
Follow
ellenrosehh
Content preview
7 Distribution of Income and Wealth
03 January 2023 12:52
7.1 The distribution of income and wealth
Income Flow of money to a factor of production (labour)
Wealth Stock of assets e.g. property/shares
Distribution of income How income is shared out between the population
Factors influencing the distribution of income
1. Differences in skills, qualifications and work experience: more skills in high demand = higher earning
2. Differences in wealth: wealthier individuals earn more income from assets in the form of dividends and interest
3. Impact of the state: free market provides fewer welfare benefits than a command economic system
Factors leading to an unequal distribution of wealth
Micro Paper 1 - Markets and Market failure Page 1
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ellenrosehh. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.73. You're not tied to anything after your purchase.
