4.19.10 – Lecture Notes, Econ 201

4.19.10 – Lecture Notes, Econ 201 - 4.19.10...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
4.19.10 – Lecture Notes, Econ 201 Next time: - Gains from trade and international trade - Chapters 3 and 9 - PS #4 Due Next Monday - NO CLASS 4/28 - EXAM: C102 Wilson Thursday 3-5pm Income and Income Distribution - Household Income o Person or group of persons living in the same residence - Sources of Household income: o Labor Compensation: 67% o Transfer Payment (SS): 14% o Non-Labor Sources: 19% HOUSEHOLD INCOME US – 2008 - Household income (Median) $50,303 - Econ 201 Household income (median) $100,000 GINI COEFFICIENT - Measure of income equality - Overall number (index) representing income distribution in a country - Coefficient can range from: o 0 perfect equality of income o 1 perfect inequality - US GINI over time: o 1929: 0.45 o 1970: 0.39 PERCENTAGE OF NATIONAL INCOME RECEIVED BY: - Top 0.1% of income earners o 1981-2006 o US o France o Japan - Now have over 8% of the total income POVERTY 2008 – US - Poverty Rate = 13.2% o Up from 12.5% the previous year - Poverty rate for a family of four
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 10/13/2011 for the course EC 201 taught by Professor Haider during the Spring '10 term at Michigan State University.

Page1 / 3

4.19.10 – Lecture Notes, Econ 201 - 4.19.10...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online