Income Level Groups

Definition

Categories or ranges used to classify individuals based on their income, such as low-income, medium-income, and high-income groups.

Related terms

Quantitative Variable: A variable that represents numerical values like income amounts.

Descriptive Statistics: Methods used to summarize and describe characteristics about data sets, including income level groups.

Socioeconomic Status (SES): A broader measure that combines factors like income, education, and occupation to assess a person's social standing.