IDs and Paired-Concept Questions

question 10

Short Answer

IDs and Paired-Concept Questions
These terms can be used individually as short-answer identification questions, or they can be used in pairs. In the latter case, ask students to explain (1) the meaning and significance of each of the two terms and (2) the relationship between them.
-Head-count index,poverty gap

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Definitions:

Good X

A placeholder term used to represent any market commodity or product for the sake of economic analysis or discussion.

Income

Total earnings derived from labor, investments, and any other source, typically discussed in the context of individuals or households.

Income

Funds accrued regularly from work performed or assets invested.

Good Y

Typically used in economics as an arbitrary designation for a commodity or product in theoretical models and analysis.