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What is a principle of basic financial management?
The basic principle is this. Income exceeds expenditure = PROFIT Expenditure exceeds income = LOSS No profit or loss = BREAK-EVEN
What are the benefits of enrolling in a guaranteed monthly income plan?
Enrolling in a guaranteed monthly income plan provides a steady and reliable source of income, ensuring financial stability and peace of mind. It can help cover basic living expenses, supplement retirement savings, and protect against unexpected financial challenges.
What difficulties are encountered in comparing the standard of living of two countries by using their national income?
One difficulty encountered in comparing the standard of living of two countries by using their national income is the fact that the national income might not be distributed equally amount the people. A very few could be very rich while the majority of the people could be very poor.
What approaches are used towards tax equity?
Tax equity can be approached through progressive taxation, where higher income earners pay a larger percentage of their income in taxes, thereby reducing income inequality. Other methods include tax credits and deductions aimed at lower-income households, which help alleviate their tax burden and promote social welfare. Additionally, closing tax loopholes and ensuring that corporations pay their fair share can enhance equity in the tax system. Overall, these approaches aim to create a fairer distribution of the tax burden across different income levels.
Do you have to pay tax if your annual income is above 2 lacs?
Yes, in India, individuals with an annual income exceeding ₹2.5 lakhs are required to pay income tax. The income tax slabs vary based on age and applicable deductions. However, for individuals below 60 years of age, the basic exemption limit is ₹2.5 lakhs, meaning income above this threshold is taxable. Always consult the latest tax regulations or a tax professional for the most accurate guidance.
How does wealth inequality compare to income inequality in terms of their impact on society and economic disparities?
Wealth inequality refers to the unequal distribution of assets and property among individuals, while income inequality refers to the uneven distribution of earnings and wages. Both wealth and income inequality can have significant impacts on society and economic disparities. Wealth inequality can lead to disparities in access to resources and opportunities, perpetuating social and economic divides. Income inequality can result in unequal access to basic needs and services, affecting overall economic growth and stability. In summary, both wealth and income inequality contribute to social and economic disparities, with wealth inequality often having a more lasting impact due to its accumulation over time.
What are the consequences of income inequality?
no
In economics what does the Gini coefficient measure?
The Gini coefficient is a measure of income inequality within a population. It ranges from 0 (perfect equality) to 1 (perfect inequality). A higher Gini coefficient indicates greater income inequality within a society.
What is the difference between the concept of intra-ethnic inequality in income distribution and inter-ethnic inequality in income distribution?
Oh
What are types of income inequality?
Income inequality can be categorized into several types, including wage inequality, which refers to disparities in earnings among workers; wealth inequality, which focuses on the distribution of assets and property; and functional income inequality, which addresses differences in income generated from various sources, such as labor versus capital. Additionally, systemic inequality can arise from factors like education, race, and gender, affecting access to opportunities and resources. These types of inequality can interplay, exacerbating overall economic disparities within a society.
What is a basic conflict?
a basic conflict is a fight or argument
How poverty causes inequality in India?
Poverty makes poor more n more poor as they can not afford basic needs .On the other side rich remain rich. This create inequality in India .Also the income as well as standard of living of poor and rich is unequal.
What is the Gini coefficient?
The Gini coefficient is a measure of income inequality within a population, with a value of 0 indicating perfect equality and 1 indicating perfect inequality. It is commonly used by economists and policymakers to understand the distribution of income or wealth within a country. A higher Gini coefficient suggests a more unequal distribution of income.
What are the benefits of income inequality in society?
Income inequality can lead to increased motivation and competition, which can drive innovation and economic growth. It can also incentivize individuals to work harder and strive for success. Additionally, income inequality can create opportunities for social mobility and provide a diverse range of goods and services in the market.
What argument of Sojourner Truth is effective?
One effective argument of Sojourner Truth is her appeal to basic human rights and dignity. By emphasizing the inherent worth and equality of all individuals, regardless of race or gender, she challenges the existing social norms and power structures that perpetuated inequality. This argument resonates with people's sense of justice and morality, making her message compelling and persuasive.
What are some reasons for income inequality in the US?
i have no clue.......:P
How is the Gini coefficient calculated and what does it measure in terms of income inequality?
The Gini coefficient is calculated by comparing the distribution of income among individuals in a population to a perfectly equal distribution. It ranges from 0 (perfect equality) to 1 (perfect inequality). A higher Gini coefficient indicates greater income inequality within a society.
