Please Define the Following Key Terms

question 52

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-laissez faire

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Definitions:

Maximin Criterion

The claim that the government should aim to maximize the well-being of the worst-off person in society.

Equal Income

A hypothetical or policy-driven scenario where all individuals or households receive the same amount of income.

Transitory Income

Income that is temporary or not consistent, such as bonuses, gifts, or any other earnings that are not regular or guaranteed.

Absolute Level

A specific, fixed point or quantity that is not relative or compared to any other point or quantity.