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


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