Three Types Of Economic Inequalities

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INTRODUCTION Economic inequalities can be shown by individuals’ different positions within the economic circulation. People’s economic positions are related also to other characteristics, like whether they have or not a disability, their ethnic background, or if they are a man or a woman. TYPES OF ECONOMIC INEQUALITY: There are three types of economic inequality, income inequality, pay inequality and wealth inequality. Income inequality: Income inequality is the extent to which income is circulated unevenly in a group of individuals. By income is not just the money received through payments, but all the money got from employment, investments, such as interest on savings accounts and profits from shares of stock, savings, state benefits, pensions and rent. Estimation of income can be on an individual or household basis the incomes of all the people sharing a particular household. Household income before tax that includes money got from the social security system is known as gross income. Household income including all taxes and benefits is known as net income [1]. Pay Inequality: Pay is different than income. Pay refers to payment from employment. This can be on an hourly, monthly or annual basis, is regularly paid week by week or month by month and may also include rewards. Pay inequality therefore portraits the contrast between people’s pay and this may be inside one company or across all pay received. Wealth Inequality: Wealth allures to the total sum of assets of

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