Market Failure Poverty and Income Inequality

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Market Failure: Poverty and Income Inequality
Donna Butler
South University Online
ECO2071 Principles of Micro-Economics
Week 5, Assignment 1
Professor Brandt
May 29, 2015

Market Failure: Poverty and Income Inequality Every country in the world needs basic information on the residents that live there. This information is needed for planning, for development and for trying to improve the quality of life for those residents. In order to have good planning, reliable, accurate, detailed information and information that is up-to-date needs to be gathered. This is one of the things that the census does. It gathers information for many different reasons and uses. The information is used to make it possible to plan better services, …show more content…

For men that are working full time, all year round find that their real median income is about the same as it was in 1793. There are several things that determine income and wealth, education, opportunities, ethnicity, type of household, gender and age all play apart when determining the income of a person and what affect it has on the inequality of income. The rich people keep getting richer because they can invest and re-invest in the economy, which in turns, makes them richer. When it comes to the middle class and the poor, they can barely make ends meet, much less save any money in order to invest in their future. Poverty is defined as a situation where a person or a household does not have the means in order to satisfy the basic needs. The basic needs are shelter, clothing and food. The U.S. Government can play an active role in helping with this and on some levels they have done this. They have implemented several programs, such as, welfare programs, social security and other subsidized services. Another way that the government could help is by implementing and effective redistribution of income and wealth. I am not talking about taking money from the rich and giving it to the people that don’t or will not work. With making things more equal, like income, this could help to reduce the number of people in poverty and the middle class get through some of these economic rough

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