Elucidate redistribution of income
Elucidate redistribution of income?
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1. Transfer payments provide relief to the poor, dependent, handicapped, and unemployment compensation to those unemployed who qualify for benefits. Social Security and Medicare programs support the sick and aged.
2. Government intervenes in markets by modifying prices. Price support programs for farmers; minimum wage laws are examples.
3. Taxation takes a larger proportion of incomes of the rich than the poor.
In words of Adam Smith, who theorized that the “natural price” of a good based most directly upon the: (1) wage rate and the relative amount of labor required to produce the good. (2) greater of the value of the good &ldqu
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