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Questions and Answers
What is absolute poverty primarily characterized by?
What is absolute poverty primarily characterized by?
How does the World Bank define absolute poverty as of 2022?
How does the World Bank define absolute poverty as of 2022?
In the context of poverty, what does relative poverty take into account?
In the context of poverty, what does relative poverty take into account?
What percentage of the median household income is used to define relative poverty in the UK?
What percentage of the median household income is used to define relative poverty in the UK?
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Which statement best describes the prevalence of absolute poverty?
Which statement best describes the prevalence of absolute poverty?
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Study Notes
Poverty Definitions
- Poverty is a lack of financial resources to maintain a basic standard of living.
- Economists differentiate between absolute and relative poverty.
- Absolute poverty is not having enough money for basic needs like shelter, water, food, clothing, and healthcare.
- In 2022, the World Bank defined absolute poverty as living on less than $1.90 per day.
- Absolute poverty is more common in developing countries.
- Relative poverty is when a household's income is a percentage less than the median household income in an area.
- Relative poverty is judged in comparison to income in other households.
- The UK defines relative poverty as households earning less than 60% of the median household income.
- In May 2022, the median UK monthly household income was £2072.
- The relative poverty line in the UK was any household earning less than £1243.20 per month.
- Relative poverty is the major form of poverty in developed countries.
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Description
This quiz explores the various definitions of poverty, including absolute and relative poverty. It highlights key statistics and differences between how poverty is perceived in developing and developed countries. Test your knowledge on this critical social and economic issue!
