Economy Flashcards
Poverty
The state of being inferior in quality or insufficient in amount
Absolute poverty
A condition where a person does not have the minimum amount of income needed to meet the minimum requirements for one or more basic living needs
Relative poverty
Lacking the minimum amount of income needed in order to maintain the average standards of living in the society they live in
LICO
Low income cut off
-it calculates lower poverty lines,rates,and trends, measures according to the “basic needs”
6 needs of living
- food
- shelter
- healthcare
- personal care
- clothing
- communication
- transportation
Things to watch out for with a credit card
- fees
- interest rates
- billing cycle and grace period
Gross income
The amount of salary or wage before taxes/deductions
Net income
The amount of wage or salary after taxes/ deductions are taken off. The actual amount you receive
Wealth
The measure of values of all the assets of worth owned by a person
Economy
The wealth and resources of a country. Especially in terms of the production and consumption of goods and services
Deductions
Income tax, provincial/federal tax, cpp, ei, dental plan, health plan, employment insurance,etc
Consumer loan
A loan that’s given for personal, family, and or household purposes
GDP
Gross domestic product
-a broad measure of a nations total economic activity
HDI
Human development index
-a composite statistic of life expectancy, education, and per capita income
Standard of living
The degree of wealth and material comfort available to a person or community
