Economics Poverty Assignment

Economics Poverty Assignment Words: 1081

HID: The Human Development Index (HID) is a composite statistic of life expectancy, education, and income indices used to rank countries into four tiers Of human development. Quality of Life: Your personal satisfaction (or dissatisfaction) with the cultural or intellectual conditions under which you live (as distinct from material comfort. Equity: Equity or Economic equality is the concept or idea of fairness in economics, particularly in regard to taxation or welfare economics.

Inequality: A measurement of the distribution of income that highlights the AP between individuals or housecleaning most of the income in a given country and those making very little. Income: Total money received from a person’s wages/salary, interest and dividends. Wealth: An abundance of valuable possessions or money. Regional Problem: An uneven spread of living standards and employment levels between different areas of the UK GIN Co-efficient: A measurement of the income distribution of a country’s residents.

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Universal Benefits: Benefits paid to everyone in a certain category irrespective of their income or assets. Means Tested Benefits: Benefits that are available only to individuals whose income is below a certain level. Child Tax Credits: A credit given to taxpayers for each dependent child that is under the age of 17 at the end of the tax year. Personal Allowance: I-J residents receive the first portion of their income free from tax. This is known as their personal allowance. The Meaning of Poverty “Poverty is the worst form of violence. ” Mahatma Ghanaian Much has been written about the meaning of poverty.

What some companies and people have found through their work and frequent visits to poor immunities is that poverty: ; Deprives people of their security and well-being; ; Deprives people not only of safe water and adequate food, clothing and shelter, but also education and healthcare; ; Takes away people’s rights, and their freedom, dignity and peace of mind; ; Puts people’s lives in danger and robs them of their future. “A state or condition in which a person or community lacks the financial resources and essentials to enjoy a minimum standard of life and well-being that’s considered acceptable in society. “A person is considered poor if his or her income level falls below some minimum level necessary to meet basic needs. ” “A condition where people’s basic needs for food, clothing, and shelter are not being met. ” Measuring the Standard Of Living Happy Planet Index The Happy Planet Index was introduced by the New Economics Foundation in 2006. The aim is that what people really want is to live long and fulfilling lives, not just to be filthy rich. The downfall is that this has to be sustainable both worldwide and down through the generations. The HIP is calculated based on life satisfaction, life expectancy, and ecological footprint.

It doesn’t measure owe happy a country is, but how environmentally efficient it is to support well-being in that country. Satisfaction with Life Index Developed by a psychologist at the University of Leister, the Satisfaction with Life Index attempts to measure happiness directly, by asking people how happy they are with their health, wealth, and education, and assigning a weighting to these answers. This concept is related to the idea of Gross National Happiness. The idea is that material and spiritual development should take place side by side, undermined by sustainable development, ultra values, conservation, and good government.

Human Development Index The Human Development Index was created in 1 990 as a way to record development in terms of human wellbeing as well as economics. It’s a figure that takes into account health, education, and income. It’s used by the UN Development Programmer each year in its Human Development Reports to produce a sort of league table of countries, each of which are placed in one of three divisions: developed, developing, or underdeveloped. Gross Domestic Product Gross Domestic Product is the total market value of all the goods and services reduced in a country in a year.

Often people’s views of withholding money or increasing wealth are increasingly becoming related to standard of living. Not only can money not buy happiness, but not all spending is good spending. Clearing up an oil spill or sustaining multiple wars in foreign lands might be great for expenditure and therefore GAP, but doesn’t mean the country or its people are any ‘better off’ than they were beforehand. Distribution of Income The distribution of wealth is lower towards the 3rd world countries and increases towards the countries like America, Britain and Germany.

These all end to be the richer countries that have a growing but thriving economy. Types Of Poverty Absolute poverty Absolute or extreme poverty is when people lack the basic necessities for survival. For instance they may be starving, lack clean water, proper housing, sufficient clothing or medicines and be struggling to stay alive. This is most common in developing countries but some people in the European Union (E), for instance homeless people or the Room in some settlements, still experience this type of extreme poverty. The United Nations tend to focus its efforts on eliminating absolute or extreme poverty.

The first goal of The United Nations Millennium Development Goals is to eradicate extreme poverty and hunger. Eradicating extreme poverty is translated into an objective to reduce by half the proportion of people living on less than a dollar a day. However, poverty in most EX. countries is more generally understood as relative poverty. Relative poverty Relative poverty is when some people’s way of life and income is so much worse than the general standard of living in the country or region in which they live that they struggle to live a normal life and to participate in ordinary economic, social and cultural activities.

What this means will vary from country to county, depending on the standard of living enjoyed by the majority. While not as extreme as absolute poverty, relative poverty is still very serious and harmful. Causes of Poverty There are 3 main causes of poverty that result in what we see in the world today. These are: . Illiteracy Without education people cannot communicate with great effectiveness. They can not share ideas and are taken advantage of. For most people who have developed, they have learnt how to read, how to write numbers and to be disciplined. This has helped poorer people share, innovate and get the best in life.

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