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Sia ? 4 years, 8 months ago
| Absolute Poverty | Relative Poverty |
| Any person not in a position to obtain essential commodities like food, shelter and clothing are said to experience absolute poverty | Relative poverty does not concentrate on biological needs but rather makes a comparison between two people in the environment |
| Income Level is considered in Absolute Poverty | It is not considered when measuring relative poverty as a person will still be considered poor despite meeting his. her basic needs |
| Absolute poverty, however, does not include a broader quality of life issues or the overall level of inequality in society. What the concept fails to recognize is that individuals also have important social and cultural needs. | Although people living in relative poverty are to an extent well-off compared to those living in absolute poverty, they still cannot afford the same standard of life as other people in society. |
| Measured using Poverty Line | Measured Using the Gini-Coefficient and Lorenzo Curve |
| It is not possible to completely eradicate absolute | There is a small margin of success where its eradication is concerned |
| Quality of life is poor | Quality of life is marginally better as those living under relative poverty have access to health care services |
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Amar Kumar 8 years, 5 months ago
The branch of economics that studies the behavior of an individual consumer, firm, family is known as Microeconomics.Covers various issues like demand, supply, product pricing, factor pricing, production, consumption, economic welfare, etc.
The branch of economics that studies the behavior of the whole economy, (both national and international) is known as Macroeconomics.Covers various issues like, national income, general price level, distribution, employment, money etc.
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