Distribution of income - how income is shared out between individuals and households. , Income - The reward for the service provided by a factor of production, including labour., Wealth - the market value of all assets - stocks, house, jewellery etc , State benefits, rent, interest  - income, Gross income - income received before any taxes are taken or benefits given. , Net income - income available after the effects of direct taxes, and benefits, often called disposable income., income earning assets - A few people (families) have lot of this, most have few. , Age - The young or old generally earn less money. , Inheritance - the richest 10% in the Uk own 45% of wealth. , Poverty and deprivation - Regional patterns , Poor people have less wealth as - they spend nearly all of their income on needs. , People in the top 10% of incomes - have high disposable incomes so they can accomulate higher wealth. , Property - families that own their houses are able to pass on wealth unlike those that rent. , Enterprise - self-made people who have benefited from their risk taking. , Relative Poverty - peoplw whose standard of living is significantly worse than typical society- can be regional.,

Fair Distribution of Income OCR

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