Question

Explain the concept of Absolute poverty and relative poverty ?​

Answer 1

Answer:

Absolute poverty – is a condition where household income is below a necessary level to maintain basic living standards (food, shelter, housing). ... Relative poverty – A condition where household income is a certain percentage below median .

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Answer 2

Answer:

Absolute Poverty is used to describe a condition where an individual does not have the financial means to obtain commodities to sustain life.

Relative Poverty refers to the standard of living compared to economic standards of living within the same surroundings