What is absolute poverty and relative poverty, Business Economics

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What is absolute poverty and relative poverty?

Absolute poverty:

It is an income level below that essential to meet fundamental requirements. The UN measure of absolute poverty is one dollar per day.

Relative poverty:

It is households receiving less fifty percent of the average. For all the UK families receiving less than £12,000 pa is comparatively poor. The relatively poor do not have entrance to the range of goods and service consumed through average citizens resulting into social exclusion.


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