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What is relative poverty

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What is relative poverty

Posted by Keshav Dohare 4 years, 7 months ago

CBSE > Class 12 > Economics

1 answers

Yogita Ingle 4 years, 7 months ago

Relative Poverty: It is defined from the social perspective that is living standard compared to the economic standards of population living in surroundings. Hence it is a measure of income inequality. For example, a family can be considered poor if it cannot afford vacations, or cannot buy presents for children at Christmas, or cannot send its young to the university.
Usually, relative poverty is measured as the percentage of the population with income less than some fixed proportion of median income.
It is a widely used measure to ascertain poverty rates in wealthy developed nations.

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CBSE > Class 12 > Economics