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Poverty - Coggle Diagram
Poverty
Minimum Acceptable standard of living
Includes basic needs such as clothing, shelter, water, etc
Also about having a minimum amount to be able to have choices and opportunities that allows you to participate and be part of society
Necessary to be able to eat nutritionally, look respectable, having a moderate level of social participation - I.e. celebrating your child's birthday, having enough money to allow them to go on trips
Living wage & Minimum Income Standard
Minimum Income Standard
How much income households need to afford a socially acceptable standard of living
Includes but not restricted to: food, clothes, shelter and items the public think are required to be part of society
Living wage
Living wage = Voluntary amount that employs pay which is necessary for people to maintain the minimum standard of living
An hourly rate set independently and updated annualy
Calculated according to the basic cost of living in the UK
Paid voluntarily by businesses
International poverty line
The minimum cost of living needed to purchase only necessities without any income left to save
Increases relative to inflation as the same amount of money will not be enough to buy the minimum amount of goods needed to get by
UBI (Universal Basic Income)
A social policy which may be used as a replacement figure for welfare
Minimum basic income is the minimum amount of money needed to be above the poverty line (~1000 USD a month in the U.S.)
MPI (Multidimensional Poverty Index)
Uses a range of indicators to calculate a summative poverty figure for a given population - the higher the figure the more severe the level of poverty in the country