Poverty

Definition

Poverty is defined as not having enough material possessions or income for a person's needs. It can be relative or absolute depending on whether it is measured against society's standard or basic human needs respectively.

Related terms

Income Inequality: The unequal distribution of household or individual income across the various participants in an economy.

Social Mobility: The ability of an individual or family to move up or down the social and economic ladder within a society.

Economic Development: A measure of a country's economic health and standard of living, it includes factors like literacy rates, life expectancy, and poverty rates.