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POVERTY and
INEQUALITY, image, Screenshot 2021-10-23 150548 - Coggle…
POVERTY and
INEQUALITY
TYPES OF POVERTY
Relative poverty
Measure in terms in the most basic needs- the minimum income
a person needs to survive; $1.90 per day
Absolute poverty
Its a comparative measure- if an individual does not earn a specific level of income compared to their country's median income; if they earn less than 50% of their nation's median income.
MEASURING POVERTY
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National poverty lines
Nation's set their own poverty lines which reflect relative poverty - how poor someone is relative to others in their country.
Eg; Australia sets its national poverty line at 50% of median income. 13% of the population was living in relative poverty. (2015-2016)
Market based measure
Measuring the cost of a basket of goods and services that people need to live a basic standard of living.
Eg; For Alberta, the poverty line is set at about 40kCAD per year. This is the minimum income that families need to live a basic life.
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LORENZE CURVE
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GINI Coefficient; the ratio between the area between the line of equality and the lorenz curve to the total area below the line of equality
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