Chapter 20 Section 1
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permanent income
a person's normal income
poverty line
an absolute level of income set by the federal government for each family size below which a family is deemed to be in poverty
poverty rate
the percentage of the population whose family income falls below an absolute level called the poverty line
life cycle
the regular pattern of income variation over a person's life
in-kind transfers
transfers to the poor given in the form of goods and services rather than cash