Question

Which of the following best describes economic inequality?

1. Economic inequality refers to the disparity in economic well-being among individuals, groups, or countries.
2. It primarily focuses on the differences in social status, regardless of wealth or opportunity.
3. Economic inequality is solely determined by an individual's educational background.

• A. 1, 2
• B. All
• C. 2 only
• D. 1 only

Answer 1

Answer:

D. 1 only

• Economic inequality, in the context of economics, signifies the divergence in the economic prosperity experienced by individuals, communities, or nations.

• This disparity can manifest in various forms and is often influenced by a range of societal factors.