๐ Topic Summary
Economic fairness, also known as economic justice, is the idea that everyone should have equal opportunities to succeed and that resources should be distributed in a way that is just and equitable. It's not just about everyone getting the same thing, but about making sure everyone has what they need to live a good life. This includes things like access to education, healthcare, and a living wage. A society with economic fairness aims to reduce the gap between the rich and the poor, ensuring that everyone has a chance to thrive. It's a concept that sparks many debates, as people have different ideas about what "fair" really means in economics.
๐๏ธ Part A: Vocabulary
Match the terms with their definitions:
| Term |
Definition |
| 1. Equity |
A. The condition of being equal, especially regarding status, rights, or opportunities. |
| 2. Equality |
B. The state of being fair and impartial; just treatment or behavior. |
| 3. Social Mobility |
C. The movement of individuals, families, or groups through a system of social hierarchy or stratification. |
| 4. Income Inequality |
D. The extent to which income is distributed in an uneven manner among a population. |
| 5. Progressive Tax |
E. A tax in which the tax rate increases as the taxable amount increases. |
(Answers: 1-B, 2-A, 3-C, 4-D, 5-E)
โ๏ธ Part B: Fill in the Blanks
Complete the following paragraph using the words provided: redistribution, opportunity, resources, fair, poverty.
Economic fairness means that everyone should have an equal ___________ to succeed. It's about making sure that ___________ are distributed in a ___________ way, so that people can escape ___________ and improve their lives. Sometimes, this involves ____________ of wealth to help those who are less fortunate.
(Answers: opportunity, resources, fair, poverty, redistribution)
๐ค Part C: Critical Thinking
Do you think complete economic equality is possible or desirable? Why or why not? What are some potential benefits and drawbacks of trying to achieve a more economically fair society?