The difference in income between the richest and poorest citizens is called a command economy. unemployment. private property. the wealth gap.

The difference in income between the richest and poorest citizens is called the wealth gap.

Wealth gap can be defined as the difference in the income earned by the richest and the poorest citizen.

When a rich person earn more than a poor person this indicate a disparity in wealth distribution between the rich and the poor.

This tend to lead to what is called wealth gap based on the fact that their is no equality as the rich earn more than the poor.

Inconclusion the difference in income between the richest and poorest citizens is called the wealth gap.

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the wealth gap.

Explanation:

The difference in income between the richest and poorest citizens is called the wealth gap.

This ultimately implies that, the wealth gap is the difference between the richest and poorest citizens living in a geographical location based on the level of their assets and net worth i.e assets minus their debts.

Hence, the information generated by the government based on the wealth gap of its citizens is typically used for formulating economic policies, plan and financial budgets.

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