Answer:
Explain the arguments for and against government intervention in a market economy
Identify beneficial ways to reduce the economic inequality in a society
Show the tradeoff between incentives and income equality
No society should expect or desire complete equality of income at a given point in time, for a number of reasons. First, most workers receive relatively low earnings in their first few jobs, higher earnings as they reach middle age, and then lower earnings after retirement. Thus, a society with people of varying ages will have a certain amount of income inequality. Second, people’s preferences and desires differ. Some are willing to work long hours to have income for large houses, fast cars and computers, luxury vacations, and the ability to support children and grandchildren
Explanation:
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