incomes

safety net the group of government programs that provide assistance to people at or near the poverty line

Supplemental Nutrition Assistance Program (SNAP) a federally funded program, started in 1964, in which

each month poor people receive SNAP cards they can use to buy food

wealth the sum of the value of all assets, including money in bank accounts, financial investments, a pension

fund, and the value of a home

Key Concepts and Summary

15.1 Drawing the Poverty Line

Wages are influenced by Supply and demand in labor markets influence wages. This can lead to very low

incomes for some people and very high incomes for others. Poverty and income inequality are not the same

thing. Poverty applies to the condition of people who cannot afford the necessities of life. Income inequality

refers to the disparity between those with higher and lower incomes. The poverty rate is what percentage of the
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