how do you observe two families one is rich another is poor on economic basis
Answers
Answer:
Economists identify the poor or rich on the basis of their occupation and ownership of assets.
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What can be used to measure the gap between the rich and the poor?
Gini coefficient
The difference between a society's rich and poor is often measured using the Gini coefficient – statistician Corrado Gini's index of how evenly income is distributed on a scale from zero to one.
What causes the gap between rich and poor?
A major cause of economic inequality within modern economies is the determination of wages by the capitalist market. In the capitalist market, the wages for jobs are set by supply and demand. If there are many workers willing to do a job for a great amount of time, there is a high supply of labor for that job.
Answer:
poverty line determined by government
Explanation: