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Most Economists Agree That a Free Market System Can Lead

question 12

Essay

Most economists agree that a free market system can lead to considerable income inequality, and yet there appears to be widespread support for some redistribution of income. Discuss two key issues to consider in designing an antipoverty program.


Definitions:

Bequest

A gift of personal property by will (from the verb to bequeath).

Residuary

Relating to the remainder of an estate after debts, specific bequests, and expenses have been accounted for.

Intestacy Laws

Legal provisions that dictate the distribution of a deceased person's estate in the absence of a will.

Per Stirpes

is a legal term used in wills and estate planning that describes how assets are divided among heirs, according to branches of the family.

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