ECONOMICS
INCOME DISTRIBUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Absolute poverty
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Relative poverty
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Neither 1 nor 2
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None of the above
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Detailed explanation-1: -The UN defines this number as $1.90 per day. This number is a representation of regions with extreme poverty such as Sub-Saharan Africa. However, this number is subject to change from region to region. For example, an individual living in the Arctic, the absolute poverty line of $1.90 per day may be much higher.
Detailed explanation-2: -Absolute poverty is when household income is below a certain level. This makes it impossible for the person or family to meet basic needs of life including food, shelter, safe drinking water, education, healthcare, etc.
Detailed explanation-3: -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-4: -Situational poverty. Generational poverty. Absolute poverty. Relative poverty. Urban poverty. Rural poverty. 12-Nov-2021