Grade 11 Term 4 Economics Lecture Review

These flashcards cover essential vocabulary and concepts related to poverty and inflation, crucial for understanding the economics material in Grade 11.

Poverty

A state or condition in which a person or community lacks the financial resources and essentials for a minimum standard of living.

Absolute Poverty

The condition where an individual is unable to meet the basic human needs, such as food, water, shelter, and health.

Relative Poverty

The condition in which individuals lack the minimum amount of income needed in order to maintain the average standard of living in the society in which they live.

Poverty Line

The minimum income needed in a specific country to have an adequate standard of living and to cover all basic needs.

Headcount Index

A measure that shows the proportion of the population living below the poverty line.

Economic Inequality

The unequal distribution of income and opportunity between different groups in society.

Cycle of Poverty

A set of factors or events by which poverty, once started, is likely to continue unless there is outside intervention.

Consumer Inflation

The rate at which the general level of prices for goods and services is rising, leading to a decrease in purchasing power.

Demand-Pull Inflation

Inflation that occurs when demand for goods and services exceeds supply.

Cost-Push Inflation

Inflation that occurs when the costs of production increase, leading to a decrease in supply.

Hyperinflation

An extremely high and typically accelerating inflation rate, often exceeding 50% per month.

Stagflation

An economic condition characterized by inflation and high unemployment, combined with stagnant demand.

Environmental Sustainability

Responsible interaction with the environment to avoid depletion of natural resources.

Global Warming

The gradual increase in Earth's average surface temperature due to human activities, particularly greenhouse gas emissions.