What is the difference between absolute and relative poverty?


Absolute poverty is the complete lack of resources to sustain life, while relative poverty refers to the inadequate lack of income when compared to the average standards living. As such, relative poverty implies that the individual has the ability to sustain his or her basic needs, but may lack the resources to engage in various social activities.
Q&A Related to "What is the difference between absolute and..."
Absolute poverty would be describing someone who owns nothing. Relative poverty is someone who makes less then a certain amount of money per year, putting them well below the average
Absolute poverty measures the number of people living
Absolute poverty is when you don't have sh*t. Relative poverty is when you don't have as much sh*t as the neighbors.
Knowing whether a. fund manager. or. broker. is doing a good job can be a challenge for some investors. It's difficult to define what good is, because it depends on how the rest of
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