The weighted sum of this quantity times elasticity is equal to 1 in Engel aggregation. The Lakner–Milanović graph depicts this quantity’s growth due to globalization, which gained its common nickname because of its resemblance to an elephant. A hypothetical change in this quantity given by the Hoover index is represented as the longest distance between the 45-degree line and the Lorenz curve. This quantity’s increase due to industrialization is plotted on the x-axis of the inverted U-shaped Kuznets curve. The Slutsky equation predicts that total changes in demand consist of this quantity’s namesake effect and the substitution effect. Demand for inferior goods decreases as this quantity for a consumer increases. For 10 points, name this quantity measuring an individual’s earned money. ■END■
ANSWER: income [or wealth; accept the income effect; accept income per capita or income share; accept income inequality; prompt on inequality by asking “what is that inequality measuring?”; prompt on Gini coefficient by asking “what quantity does that measure?”]
<Social Science>
= Average correct buzz position