Lecture Notes on Poverty

Flashcards based on lecture notes about poverty, its definition, factors, poverty line, types (absolute and relative), and Filipino income groups.

What is the definition of poverty?

The state or condition where people and communities cannot meet a minimum standard of living because they lack the proper resources.

What factors contribute to poverty?

Political circumstances, overwhelming challenges in daily life, and various social and economic issues.

What is a poverty line?

The minimum amount of money a person needs to fulfill the basic necessities of life, like shelter and food.

What is a consequence of families being below the poverty line?

They qualify for help from the government.

What is absolute poverty?

Deprivation of basic human needs.

What are characteristics of individuals in absolute poverty?

They struggle to live and they experience several child deaths.

What is relative poverty?

The standard of living compared to economic standards of living within the same surroundings; households receive 50% less income than average median income.

What is the monthly income for a family of five considered poor in the Philippines?

Less than P12,030 per month (as of 2021 prices).

What is the monthly income range for a lower middle income family of five in the Philippines?

Between P24,060 to P48,120 per month (as of 2021 prices).

What is the monthly income range for the rich in the Philippines(family size of 5)?

At least P240,600 (as of 2021 prices).