eco dev - 2 midterms

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absolute poverty

absolute poverty

levels of incomes and expenditures that fall below a level

known as the “poverty line”

nominal value of which is adjusted to hold a fixed value of its purchasing power

relative poverty

sometimes called “inequality”

comparison of the incomes and expenditures of the poor with reference to the rich or of some other groups

agriculture sector

those who are considered the poorest normally work in the ______

they are uneducated, somehow labeled as illiterate, and mostly considered malnourished

poverty

is relative to the standard of living of one country

extreme poverty

characterized by those disadvantaged in basic living conditions, such as food, clean water, sanitation, housing, good health, and even to information

poverty rate

most common measure of poverty

poverty line

set by the government as the threshold to which the absolute value of income and expenses is compared to consider a family to be in poverty

subsistence incidence

part below the poverty line suffering from extreme hunger

inequality

oftentimes associated with poverty

wealth and income

2 major types of inequality

wealth inequality

uneven distribution of accumulated assets after deducting the liabilities

income inequality

income distributed in an uneven manner

indonesia

vietnam

cambodia

laos

countries that use expenditure-based measures of poverty

thailand

malaysia

philippines

countries that use income-based measures of poverty

poverty incidence

percentage of families or individuals with per capital income or expenditures less than the per capital poverty

poverty rate in the Philippines P=(n) x 100

lorenz curve

developed by American economist Max O. Lorenz in 1905

it is a curve showing the relationship between the population in percentile ranking and the national income

gini coefficient

the inequality gap is called _____ , a scalar metric of inequality that was introduced by Corrado Gini - who furthered enhanced the Lorenz curve

government

it plays an important role in reducing poverty in the country through its policies to improve the welfare of the people

pantawid pamilyang pilipino program

example of cash transfer

it aimed to help the poorest of the poor improve the health, nutrition and education of children

in-kind transfers

another way is to directly provide goods and services as social safety nets through specialized welfare programs

work incentives

commonly happen when a natural disaster occures, and those who are displaced in their workplaces are given to work and help rebuild the place of adversity

minimum wage law

act of congress or the senate that imposes a minimum payment of wage to workers

adjust tax code

intended not to collect any form of tax from individuals who earn a specific amount or less in one year

to collect more taxes from those who are earning more

poverty trap

a person experiences no advancement for working despite the government’s financial assistance even if it sounds to be very reasonable

eradication

main aim toward poverty

homelessness

one of the issues of poverty in the Philippines

healthcare

one of the main expenditures of a filipino family

quantitative

graphs, statistics

mathematical interpresentation

qualitative

observable features

documentary