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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

“Poor people will always exist.” Comment.

To determine

The reasons for the existence of poor people.

Explanation

Poor people are those who lack basic needs such as food, clothes, shelter, safe drinking water, sanitation facilities, health, education, and information. The existence of poor people shows the severity of poverty and it can be expressed both in relative terms and absolute terms.

In terms of relative poverty, a person does not have the minimum amount of income that is needed to meet the minimum requirements for one or more basic living needs over an extended period of time. The relative poverty can be measured in comparison to the overall average of a society’s poverty...

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