HSC Together > Year12 > Economic and Social Costs and Benefits of Inequality

Economics

Economic and Social Costs and Benefits of Inequality

Income and wealth inequality have profound effects on the economy. These effects can be separated into economic and social costs.

  • Economic costs and benefits refer to those related to income and output.
  • Social costs and benefits refer to those related to issues related to society’s wellbeing

Watch the video to learn more about the economic and social costs and benefits of inequality in HSC Economics: