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Lecture notes 3.6.1 Poverty & Inequality £7.49
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  2.  
  3. PEARSON (PEARSON)
  4.  
  5. Economics B
  6.  
  7. Unit 3 - The global economy

Lecture notes

Lecture notes 3.6.1 Poverty & Inequality
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These notes helped me get an A* in A Level Economics, covering all aspects of the specification, plus hints of real world context.

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  • June 15, 2023
  • 2
  • 2022/2023
  • Lecture notes
  • Paddington zinzombe
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  • 314 trade policy and trade negotiations 322 a

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3.6.1 Poverty & Inequality

 Absolute poverty
o People can't afford necessities
 Food
 Water
 Shelter
 Education
 Clothes
o Less than $1.90 a day means you are in absolute poverty
 Relative poverty
o Poverty in relation to the area you live in
o If your income is 60% less than the average income
o Can't afford goods that are socially norm
 Fridge
 Mobile phone
o Causes of relative poverty
 Higher salaries have more income growth than people on lower salaries
 Measures of Poverty
o HPI
 Human poverty index
 Measures Life expectancy
 Education
 Ability to meet basic needs
o HPI 1
 Measures the probability of living to 40
 Measured Adult literacy rate
 Measure % of underweight children
 Measure % of people not using improved water sources
o HPI 2
 Measures the probability of living to 60
 Measures % of adults who do not have literacy skills
 Measures poverty if you earn 50% below median income
 Inequality
o Wealth & income is distributed in an unequal manor
o Causes
 Different level of wage
 Traps you as you can't save
 Wealth levels
 Earn rent and interest on assets to increase income
 Chance
 If assets in right place could be more valuable
 Given money in a will
 Age

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