Define Economic Equality
Answer by Ladiespimp42089. Confidence votes 86. Economic equality refers to an economy in that all of the inhabitants are equally wealthy, and have the same status in the economy, because they have had the same opportunities, non discriminant on race, gender, skill, culture, or wealth condensation. Confidence votes 86. Economic equality refers to an economy in that all of the inhabitants are equally wealthy, and have the same status in the economy, because they have had the same opportunities, non discriminant on race, gender, skill, culture, or wealth condensation. Economic equality refers to an economy in that all of the inhabitants are equally wealthy, and have the same status in the economy, because they have had the same opportunities, non discriminant on race, gender, skill, culture, or wealth condensation. An economic and political system based on public or collective ownership of the means of production. Socialism emphasizes equality rather than achievement, and values workers by the amount of time they put in rather than by the amount of value they produce. Equity or economic equality is the concept or idea of fairness in economics, particularly in regard to taxation or welfare economics. Economic inequality, also known as income inequality, wealth inequality, gap between rich and poor, gulf between rich and poor and contrast between rich and poor, refers to how economic metrics are distributed among individuals in a group, among groups in a population, or among countries. DEFINITION of 'Socialism'. An economic and political system based on public or collective ownership of the means of production. Socialism emphasizes equality rather than achievement, and values workers by the amount of time they put in rather than by the amount of value they produce. Economic equality generally refers to equality of income and expenditure, (and is related to the idea of unequality in opportunity). Socialism emphasizes equality rather than achievement, and values workers by the amount of time they put in rather than by the amount of value they produce. Economists generally think of three metrics of economic disparity: wealth (wealth inequality), income (income inequality), and consumption. The issue of economic inequality can implicate notions of equity, equality of outcome, and equality of opportunity.
Equity or economic equality is the concept or idea of fairness in economics, particularly in regard to taxation or welfare economics.