Which term describes the distribution of income across different occupations and demographics?

The correct answer is "Income Distribution." This term specifically refers to the way in which income is spread across various individuals, groups, or categories within an economy. It encompasses the differences in income levels that arise from various factors, including occupation, education, geographic location, and demographic characteristics such as age, gender, and ethnicity.

Income distribution is a crucial aspect of economic analysis as it provides insights into the overall economic well-being of a society and helps to understand issues related to inequality and poverty. Policymakers and economists often examine income distribution to address and formulate policies aimed at achieving a fairer economic environment.

The alternative terms do not accurately capture this specific concept. For instance, "Wage Model" typically refers to theoretical frameworks that describe how wages are determined within the labor market. "Wage Outcome" indicates the results of wage-setting mechanisms but lacks the broader scope of income levels across various sectors. Lastly, "Economic Equity" focuses on the fairness of economic policies and opportunities in an economy rather than the specific distribution of income among various groups, making it related but not synonymous with income distribution.