Economics Poverty
Contents Page
1. Key Terms
2. Measuring the Standard of Living
3. Distribution of Income and Wealth
4. Types of Poverty
5. Causes of Poverty
6. Effects of Poverty
7. Possible Solutions to Poverty
8. Ethical considerations
Key Terms
Absolute Poverty: Those with incomes lower than the level needed for necessities.
Relative Poverty: Those on low incomes relative to the country’s average.
GDP: Total value of goods and services produced by an economy in one year.
GDP Per Capita: The gross domestic product (GDP) or gross domestic income (GDI) is a measure of a country's overall economic output.
HDI: The Human Development Index (HDI) is a composite statistic of life expectancy, education, and income indices used to rank countries into four tiers of human development.
Quality of Life: Your personal satisfaction (or dissatisfaction) with the cultural or intellectual conditions under which you live (as distinct from material comfort.
Equity: Equity or Economic equality is the concept or idea of fairness in economics, particularly in regard to taxation or welfare economics.
Inequality: A measurement of the distribution of income that highlights the gap between individuals or householdsmaking most of the income in a given country and those making very little.
Income: Total money received from a person’s wages/salary, interest and dividends.
Wealth: An abundance of valuable possessions or money.
Regional Problem: An uneven spread of living standards and employment levels between different areas of the UK
GINI Co-efficient: A measurement of the income distribution of a country's residents.
Universal Benefits: Benefits paid to everyone in a certain category irrespective of their income or assets.
Means Tested Benefits: Benefits that are available only to individuals whose income is below a
1. Key Terms
2. Measuring the Standard of Living
3. Distribution of Income and Wealth
4. Types of Poverty
5. Causes of Poverty
6. Effects of Poverty
7. Possible Solutions to Poverty
8. Ethical considerations
Key Terms
Absolute Poverty: Those with incomes lower than the level needed for necessities.
Relative Poverty: Those on low incomes relative to the country’s average.
GDP: Total value of goods and services produced by an economy in one year.
GDP Per Capita: The gross domestic product (GDP) or gross domestic income (GDI) is a measure of a country's overall economic output.
HDI: The Human Development Index (HDI) is a composite statistic of life expectancy, education, and income indices used to rank countries into four tiers of human development.
Quality of Life: Your personal satisfaction (or dissatisfaction) with the cultural or intellectual conditions under which you live (as distinct from material comfort.
Equity: Equity or Economic equality is the concept or idea of fairness in economics, particularly in regard to taxation or welfare economics.
Inequality: A measurement of the distribution of income that highlights the gap between individuals or householdsmaking most of the income in a given country and those making very little.
Income: Total money received from a person’s wages/salary, interest and dividends.
Wealth: An abundance of valuable possessions or money.
Regional Problem: An uneven spread of living standards and employment levels between different areas of the UK
GINI Co-efficient: A measurement of the income distribution of a country's residents.
Universal Benefits: Benefits paid to everyone in a certain category irrespective of their income or assets.
Means Tested Benefits: Benefits that are available only to individuals whose income is below a