Economists Often Use a Lorenz Curve to Describe Income Distribution

question 33

Essay

Economists often use a Lorenz curve to describe income distribution. What are two other approaches to the measurement of income distribution?

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Definitions:

Proactive Interference

The difficulty in learning new information because of the interference of existing knowledge.

Misinformation Effect

A phenomenon in which people's recollections of events can be distorted by exposure to incorrect or misleading information afterward.

Loftus and Palmer

Researchers who conducted seminal studies on the misinformation effect, demonstrating how post-event information can alter a person's memory of an event.

Vividly Descriptive Word

A term or phrase used to convey a strong, clear, and detailed image of a person, scene, or event.