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Absolute & Relative Poverty Video Lecture | Business Economics for CA Foundation

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FAQs on Absolute & Relative Poverty Video Lecture - Business Economics for CA Foundation

1. What is the difference between absolute poverty and relative poverty?
Ans. Absolute poverty refers to the condition where individuals or households lack the basic necessities to meet their basic needs, such as food, shelter, and clothing, while relative poverty is a measure of poverty in relation to the economic status of the society or community in which individuals live.
2. How is absolute poverty measured?
Ans. Absolute poverty is typically measured by establishing a poverty line, which is the minimum income or consumption level necessary to meet basic needs. Individuals or households with income or consumption below this poverty line are considered to be in absolute poverty.
3. What are some factors that contribute to absolute poverty?
Ans. Several factors contribute to absolute poverty, including lack of access to education, healthcare, clean water, and sanitation facilities, as well as limited job opportunities, social exclusion, and discrimination based on factors such as gender, race, or disability.
4. How does relative poverty affect individuals and communities?
Ans. Relative poverty can have significant social and psychological impacts on individuals and communities. It can lead to feelings of inequality, social exclusion, and limited opportunities for social mobility. It can also contribute to social unrest and inequality within a society.
5. How can societies address both absolute and relative poverty?
Ans. To address absolute poverty, societies can implement policies and programs that provide access to education, healthcare, clean water, and sanitation facilities, as well as promote job creation and income generation. To address relative poverty, societies can focus on reducing income inequality, providing social safety nets, and promoting inclusive growth and development.
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