| A | B |
|---|
| material living standards | term that describes our ability to buy goods and services |
| non material living standards | a term that relates to 'quality of life' |
| factors that influence quality of life | access to education, health care, fresh water, fresh air, low crime rates |
| disposable income | a term that describes the amount of money you have to spend |
| interest rates | an increase in this will mean that household mortgage repayments will increase |
| inflation | a term that describes a general increase in prices over time |
| literacy, training of workforce, employment levels and government spending | factors that influence the level of gdp |
| absolute poverty | a term that means when individuals have no income to buy the essential goods/services for survival |
| relative poverty | a term that describes that describes when individuals have low level of income compared to a generally agreed standard |
| earned income | term that means Reward for your endeavours producing goods and services |
| unearned income | term that means income received from interest on savings or dividend payments |
| transfer payments | term that means income received in the form of benefits eg job seeker allowance |
| equality | term that means when everyone is treated the same and have similar working conditions and payment |
| equity | another word for fairness |
