wealth, welfare and poverty

• absolute poverty an individuals lack of income to ensure that they can sustain life/afford resources needed to live.
• relative poverty when someone does not have as much money or material possessions compared to others around them
• social mobility the movement between different classes over time
• The budget standard approach

  refers to type of absolute poverty measurement that works out minimum income needed to afford resources to stay healthy.
• Researchers of poverty: Seebohm Rowntree


  He aimed to provide empirical evidence to challenge prevailing assumption about poverty and to advocate for social reforms.
• Relative Poverty - when an individual's income falls below that of others around them
• Absolute Poverty - when individuals do not have enough resources to meet their most basic needs
• Poverty is the state or condition where people lack access to basic human needs such as food, water, shelter, education, health care, and other necessities.
• Absolute Poverty - when an individual is unable to meet their basic needs due to insufficient income
• Poverty Trap - where people are trapped in low-income jobs with little opportunity for upward mobility
• Social Mobility - the ability for individuals to move up the socioeconomic ladder through education, training, and hard work
• Budget Standard Approach - a method used to determine the amount of income required to cover essential expenses and maintain a decent standard of living
• Social Exclusion - refers to the exclusion of certain groups from full participation in society based on factors like race, ethnicity, gender, disability, age, sexual orientation, religion, etc.
• Human Capital Theory - argues that investment in education and training can lead to higher wages and better job opportunities, reducing poverty
• Human Capital Theory - suggests that investments in education and skills lead to higher wages and economic growth
• Marxist Perspective on Poverty - emphasizes the role of capitalists exploiting workers and creating inequality
• Cultural Deprivation Theory - argues that cultural differences can contribute to poverty by limiting opportunities and perpetuating negative stereotypes
• Income Gap - the difference between the highest and lowest levels of income within a society