Question

Problem 16

Answer 1

Introduction

Poverty and Income Inequality

The term "income" refers to the number of cash available to a family in an exceedingly given year. It includes earnings, self-employment, and capital income, further as public cash transfers, after deducting household income taxes and social insurance contributions.
The poverty rate is that the proportion of persons (in a selected age group) whose income falls below the poverty level, which is defined as half of the full population's median family income.