Wealth and Income Inequality Flashcards
1
Q
Absolute poverty
A
When the household income is insufficient to purchase the minimum bundle of goods and services regarded as necessary for survival
2
Q
Relative poverty
A
When household income is insufficient to access the average living standards in the economy.
3
Q
How to measure relative poverty
A
Below 60% of the median household income
4
Q
Causes of poverty
A
Wage inequality
Unemployment
Poverty trap
Job insecurity
5
Q
A
6
Q
A
