Quizzes & Activities
Poverty and Inequality (Quizlet Revision Activity)
- AS, A-Level, IB
- AQA, Edexcel, OCR, IB, Eduqas, WJEC
Last updated 26 Jan 2019
Here is a new Quizlet revision activity covering key terms in the economics of poverty and inequality. Check and test your understanding!
Key term summary on poverty and inequality
- Absolute poverty When someone is not able to satisfy his or her minimum requirements for food, clothing or shelter
- Equality of opportunity When life outcomes depend only on factors for which persons are responsible, and not on disadvantageous factors outside of their control
- Equality of outcomes A state in which people have similar economic conditions
- Extreme poverty Percentage of a country's population living on less than $1.90 a day adjusted for purchasing power parity. (World Bank definition)
- Gini Coefficient Measure of income inequality where zero represents complete equality and 1 represents complete inequality.
- Human capital Factors such as knowledge, skills and health, which increase the productivity of the individual
- Living Wage A voluntary pay floor offered by more than 5,000 UK firms which lies above the statutory minimum hourly rate
- Median income The amount that divides the income distribution into two equal groups
- Palma Ratio The ratio of income flowing to the top 10% of income households divided by the income going to the poorest 40% of people.
- Poverty A pronounced and often persistent deprivation in economic well-being
- Poverty Trap Disincentives to look for work or work longer hours because of the effects of the tax & benefits system.
- Relative poverty line In the UK, this is a household with annual income less than sixty percent of the median.
- S80-S20 Ratio Share of income or consumption received by the richest and poorest quintiles (20%) in society.
- Ultra poverty Those who spend more than 80 per cent of their income on food but obtain less than 80 per cent of their food energy needs
- Universal Basic Income When all adults receive a no-strings-attached sum from the state to cover the basic cost of living. This is paid to everyone regardless of wealth.
- Universal Credit Single monthly benefit designed to replace 6 separate benefits for people who are on low income or out of work
- Wasting People with a low weight for height, generally the result of weight loss associated with a recent period of starvation or illness
- Working poverty People whose incomes fall below a given poverty line due to lack of work hours and/or low wages.