Income inequality refers to the uneven distribution of income within a population. The rich get richer while the poor get poorer.
Imagine if you and your friends got a pizza together, but one person took half the pizza for themselves while everyone else had to share the other half. That's income inequality.
Wealth Gap: This is the unequal distribution of assets among residents; it’s like comparing who has more toys in a playground - some kids have loads, others have few or none.
Poverty Line: This is an official measure that defines those individuals or families considered impoverished - not meeting basic needs for food, shelter etc.; imagine it as a high jump bar set by society - those unable to cross it are deemed 'poor'.
Economic Mobility: This is the ability of an individual or family to improve (or lower) their economic status—usually measured in income; consider this as climbing up (or sliding down) on life's ladder based on your financial situation.
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