What is the gini co-efficient

Reference no: EM133662384

Questions:

1. What is the Gini Co-efficient? What does it measure and mean? What has been happening to this measure in the U.S over the last 50 years?

2. What is the number of the Gini Co-efficient when a country is 100% equal?

3. What is the number of the Gini co-efficient when a country is completely unequal? (one person in a country has ALL the income.)

4. What is the difference between wealth and income?

5. Give and explain one definition of a market.

6. Give and explain one reason why markets fail.

7. Consider the following Definition of GDP and put each part in your own words: GDP is a measure of total production It is the market value Of final goods and services That are newly produced Within a country's borders over a period of time.

8. What is the difference between real and nominal GDP? Why is this important?

Reference no: EM133662384

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