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01 Dec


Poverty is general scarcity or the state of one who lacks a certain amount of material possessions or money. It is a multifaceted concept, which includes social, economic political elements. Poverty seems to be chronic or temporary and most of the time it is closely related to inequality. As a dynamic concept, poverty is changing and adapting according to consumption patterns, social dynamics and technological change. relative poverty.
There are two concepts of poverty in economics.
1) Absolute Poverty:
If a person’s income or consumption expenditure is so low that he cannot live at minimum subsistence level, he is said to be absolutely poor. It basically indicates deprivation of some sort resulting in hunger and starvation.
People are said to be in absolute poverty if their earnings are insufficient to obtain the minimum necessities for the maintenance of physical efficiency. Such minimum necessities are usually measured in terms of minimum nutritional requirements.

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