Define the Following Terms and Explain Their Importance to the Study

question 103

Essay

Define the following terms and explain their importance to the study of economics.
a. poverty line
b. economic discrimination
c. optimal inequality
d. negative income tax

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Definitions:

Procedural Justice

The fairness and transparency of the processes that lead to outcomes or decisions.

Status Construction

The process by which social statuses are created, maintained, and transformed through social interactions and structures.

Distributive Justice

The perceived fairness of how resources and rewards are distributed within a society or group.

Diffuse Status Characteristics

Social attribute of a person that influences evaluations and beliefs about that person’s general competence.