ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Relative poverty is when households receive 50% less than average household incomes. So they do have some money but still not enough money to afford anything above the basics. This type of poverty is, on the other hand, changeable depending on the economic growth of the country.

Detailed explanation-2: -Relative poverty describes circumstances in which people cannot afford actively to participate in society and benefit from the activities and experiences that most people take for granted. It is conventionally defined as 40, 50 or 60 percent of national median disposable income.

Detailed explanation-3: -Relative poverty is defined as having an income below the level required to enjoy a minimum standard of living that is considered acceptable in a particular society.

Detailed explanation-4: -Absolute poverty is when a person cannot afford the minimum nutrition, clothing, or shelter needs in their country. Relative poverty is a household income below a certain percentage, typically 50% or 60%, of the median income of that country.