Final answer:
Redistribution means taking income from those with higher incomes and providing income to those with lower incomes. It is a method often used by governments to reduce inequality and promote greater equality in society.
Step-by-step explanation:
Some economic exchanges that are intended to distribute a society's wealth in a different way than exists at present are called redistribution.
Redistribution means taking income from those with higher incomes and providing income to those with lower incomes. It is a method often used by governments to reduce inequality and promote greater equality in society. Examples of redistribution include government programs such as welfare, earned income tax credit, SNAP, and Medicaid that provide support for the poor.
Redistribution is a significant aspect of distributive justice, which is concerned with how goods and services are distributed in a society and how social life is regulated. It involves shifting benefits and costs across different groups in order to establish a more equitable distribution of wealth.