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<h2>Key Concepts and Summary</h2>
<p>Policies that can affect the level of economic inequality include redistribution between rich and poor, making it easier for people to climb the ladder of opportunity; and estate taxes, which are taxes on inheritances. Pushing too aggressively for economic equality can run the risk of decreasing economic incentives. However, a moderate push for economic equality can increase economic output, both through methods like improved education and by building a base of political support for market forces.</p>
<h2>Glossary</h2>
<h3>effective income tax</h3>
<p>percentage of total taxes paid divided by total income</p>
<h3>estate tax</h3>
<p>a tax imposed on the value of an inheritance</p>
<h3>income</h3>
<p>a flow of money received, often measured on a monthly or an annual basis</p>
<h3>progressive tax system</h3>
<p>a tax system in which the rich pay a higher percentage of their income in taxes, rather than a higher absolute amount</p>
<h3>redistribution</h3>
<p>taking income from those with higher incomes and providing income to those with lower incomes</p>
<h3>wealth</h3>
<p>the sum of the value of all assets, including money in bank accounts, financial investments, a pension fund, and the value of a home</p>

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Key Concepts and Summary

Economics studies social behavior guiding the allocation of scarce resources to meet the unlimited needs and desires of the individual members of a given society, and for the production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society. 

Economics

Discover the causes and impacts of poverty and economic inequality, explore programs like TANF, EITC, SNAP, and Medicaid, and learn about government policies to reduce income inequality in this tutorial.


Key Concepts and Summary

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