Economics - Factors affecting the distribution of income and wealth
Factors affecting the distribution of income and wealth
* improved skills and qualifications mean higher factor income.
* generally, people who are born into wealthier households have greater
opportunities to earn higher factor income than children of low-income
* it is usually found that young people beginning a job are paid less
than older workers who are paid more highly due to their greater knowledge
* wealth distribution is very much based on inheritance where money and
assets are passed from one generation to another at death or persons still
living make gifts.
* strong economic growth will mean less unemployment and so more people
on factor income rather than transfer income.
* particularly with respect to taxes and social welfare payments.
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