Poverty Flashcards
Absolute Poverty
People earning below internationally defined levels of income, currently USD 1.90 per day.
Cyclical Unemployment
Occurs when a lack of or reduced aggregate demand in the economy forces firms to make workers redundant.
Disequilibrium Unemployment (Keynesian)
Occurs when there is a fall in demand for labour in the economy, but sticky wages prevent the market from reaching equilibrium.
Distribution of Income
Pattern of income across the spread of the population.
Economic Inequality
How wealth, assets or incomes are distributed differently among individuals and the population as a whole.
Wealth Gap
Economic Well-being
A multidimensional concept relating to people’s quality of life, with material, relational and subjective dimensions.
Equality
Situations where economic outcomes are the same for different people social groups.
Equity
Concept of fairness or evenness and is considered an economic objective.
Frictional Unemployment
Those who are between jobs or between schooling and a job and are therefore unemployed.
Income Inequality
Uneven distribution of income in a population. Large amounts of income are concentrated amongst a small group of people.
Labour Force
All those in work plus all people who are of working age but out of work (and actively seeking employment.)
Living Standards
A measurement of the quality of life of an individual or a population.
Considers access to life necessities, levels of wealth, education, health and others.
Living Wage
A wage that is high enough to maintain a normal standard of living.
Poverty
The state of being poor, lacking the financial resources to provide for essentials and to maintain a minimum standard of living.
Poverty Trap
Linked combination of barriers to growth and development that forms a cycle that is self-perpetuating unless the circle can be broken
Relative Poverty
Low level of income that is country-specific and relative to the average earnings in that country.
Seasonal Unemployment
Those who are unemployed as their skills are only needed during certain times of the year.
Social Mobility
Ease at which people may climb or fall in the economic strata of society, based on how society efficiently allocates the value of their labour.
Structural Unemployment
A mismatch between the supply and demand for labour caused by labour market rigidity and changes to industries.
Unemployment
People who are in the workforce, actively seeking employment, but unable to find it.
