Economics & Poverty

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Showing posts with label catagorize. Show all posts
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Tuesday, July 23, 2013

Poverty


Poverty is the state of one who lacks a certain amount of material possessions or money.Absolute poverty or destitution refers to the deprivation of basic human needs, which commonly includes food, water, sanitation, clothing, shelter, health care and education. Relative poverty is defined contextually as economic inequality in the location or society in which people live.

Economics


Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek. Political economy was the earlier name for the subject, but economists in the late 19th century suggested "economics" as a shorter term for "economic science" that also avoided a narrow political-interest connotation and as similar in form to "mathematics", "ethics", and so forth.