poverty

Question 1

what is poverty and type

Answer 1

-absolute: incomes below a threshold to access most basic, life sustaining goods and services
-relative: incomes below given average

Question 2

equity vs equality and diff types of equity

Answer 2

-equality: equal distribution if income
-equity: fair distribution of income.
horizontal: equal treatment of equals, those with same incomes treated the same
vertical: higher income earners taxed more

Question 3

causes of poverty

Answer 3

-unemployment: cyclical and structural
-poor education skills
-poor health/healthcare
-wage differentials: relative poverty
-born into poverty/ raised by single parent
-tax cuts for well off
-subsistence agriculture