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Eco - Macro > Poverty > Flashcards

Flashcards in Poverty Deck (10):
1

what is relative poverty?

when you are poor in comparison to those around you.

2

what is absolute poverty?

not enough income to provide the basic essentials.

3

what is the UK measure for poverty?

60% of the median income - relative measure

4

what is the EU measure for poverty?

based around social inclusion, it is whether you can afford things that most people have such as TV - relative measure

5

what is the World Bank measure for poverty?

western countries must earn at least $1.90 a day to cover basic essentials - absolute

6

what does normative mean?

that the decision is based around judgement and opinions.

7

what does positive mean?

the decision is based on empirical evidence.

8

is defining poverty normative or relative?

normative

9

what was Fat Cat Thursday

in three working days, the richest people in the country had already exceeded the UK average salaryfor that year.

10

what day was fat cat Thursday?

thurs 4th jan 2018