ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Absolute Poverty is used to describe a condition where an individual does not have the financial means to obtain commodities to sustain life. Relative Poverty refers to the standard of living compared to economic standards of living within the same surroundings.

Detailed explanation-2: -Economic. Less equal societies have less stable economies. High levels of income inequality are linked to economic instability, financial crisis, debt and inflation.

Detailed explanation-3: -Economic inequality is the unequal distribution of income and opportunity between different groups in society. It is a concern in almost all countries around the world and often people are trapped in poverty with little chance to climb up the social ladder.

Detailed explanation-4: -Absolute poverty compares households based on a set income level. And this level varies from country to country depending on its overall economic conditions. Relative poverty is when households receive 50% less than average household incomes.