ECON 1 Lecture Notes - Lecture 13: List Of Countries By Income Equality, Single Parent, Working Poor
Document Summary
Eco 1 : introduction to economics- lecture 13: inequality and poverty. Bottom 20% is estimated to make below ,218. The percentage of the population whose family income falls below the poverty line. Poverty line is dependent on family size. Ex: the threshold for a family of 4 is ,021. The poverty line is a rough estimation of income because it does not depend on geography. Different geographical regions have different thresholds for poverty. Percentage of all people in the u. s who are poor (regardless of any bias) : 15% Children tend to be more impoverished than the elderly. Single parent families where the guardian is a female are 5 times more likely to live in poverty than any other group. Problem : household annual income doesn"t for other external factors. Transitory changes- need not affect standard of living. A family"s ability to buy goods and services depends largely on its permanent income.
