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Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period. GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. The ratio of GDP to the total population of the region is the per capita GDP and the same is called Mean Standard of Living.
In economics, the Gini coefficient, also the Gini index and the Gini ratio, is a measure of statistical dispersion intended to represent the income inequality or the wealth inequality within a nation or a social group. The Gini coefficient was developed by the statistician and sociologist Corrado Gini.
The poverty threshold, poverty limit, poverty line or breadline is the minimum level of income deemed adequate in a particular country. The poverty line is usually calculated by finding the total cost of all the essential resources that an average human adult consumes in one year. The largest of these expenses is typically the rent required for accommodation, so historically, economists have paid particular attention to the real estate market and housing prices as a strong poverty line affect. Individual factors are often used to account for various circumstances, such as whether one is a parent, elderly, a child, married, etc. The poverty threshold may be adjusted annually. In practice, like the definition of poverty, the official or common understanding of the poverty line is significantly higher in developed countries than in developing countries.
A consumer price index (CPI) is a price index, the price of a weighted average market basket of consumer goods and services purchased by households. Changes in measured CPI track changes in prices over time.
A single parent is a person who lives with a child or children and who does not have a spouse or live-in partner. Reasons for becoming a single parent include divorce, break-up, abandonment, domestic violence, rape, death of the other parent, childbirth by a single person or single-person adoption. A single parent family is a family with children that is headed by a single parent.
The Human Development Index (HDI) is a statistic composite index of life expectancy, education, and per capita income indicators, which are used to rank countries into four tiers of human development. A country scores a higher HDI when the lifespan is higher, the education level is higher, and the gross national income GNI (PPP) per capita is higher. It was developed by Pakistani economist Mahbub ul Haq and was further used to measure a country's development by the United Nations Development Programme (UNDP)'s Human Development Report Office.
The median income is the income amount that divides a population into two equal groups, half having an income above that amount, and half having an income below that amount. It may differ from the mean income. The income that occurs most frequently is the income mode. Each of these is a way of understanding income distribution.
Poverty in Australia deals with the incidence of relative poverty in Australia and its measurement. Relative income poverty is measured as a percentage of the population that earns less in comparison to the median wage of the working population.
The Human Poverty Index (HPI) was an indication of the poverty of community in a country, developed by the United Nations to complement the Human Development Index (HDI) and was first reported as part of the Human Deprivation Report in 1997. It was considered to better reflect the extent of deprivation in deprived countries compared to the HDI. In 2010, it was supplanted by the UN's Multidimensional Poverty Index.
Household income is a measure of the combined incomes of all people sharing a particular household or place of residence. It includes every form of income, e.g., salaries and wages, retirement income, near cash government transfers like food stamps, and investment gains.
Poverty can be and is measured in different ways by governments, international organisations, policy makers and practitioners. Increasingly, poverty is understood as multidimensional, comprising social, natural and economic factors situated within wider socio-political processes. The capabilities approach also argues that capturing the perceptions of poor people is fundamental in understanding and measuring poverty.
Poverty in Switzerland refers to people who are living in relative poverty in Switzerland. In 2018, 7.9% of the population or some 660,000 people in Switzerland were affected by income poverty. Switzerland has also a significant number of working poor, estimated at 145,000 in 2015.
Poverty in Canada refers to people that do not have "enough income to purchase a specific basket of goods and services in their community."
Median household disposable income in the UK was £29,400 in the financial year ending (FYE) 2019, up 1.4% (£400) compared with growth over recent years; median income grew by an average of 0.7% per year between FYE 2017 and FYE 2019, compared with 2.8% between FYE 2013 and FYE 2017.
Poverty in the United States of America refers to people who lack sufficient income or material possessions for their needs. Although the US is a relatively wealthy country by international standards, poverty has consistently been present throughout the United States, along with efforts to alleviate it, from New Deal-era legislation during the Great Depression to the national War on Poverty in the 1960s to poverty alleviation efforts during the 2008 Great Recession.
Community rating is a concept usually associated with health insurance, which requires health insurance providers to offer health insurance policies within a given territory at the same price to all persons without medical underwriting, regardless of their health status.
This article includes several ranked indicators for Chile's regions.
Multidimensional Poverty Indices use a range of indicators to calculate a summary poverty figure for a given population, in which a larger figure indicates a higher level of poverty. This figure considers both the proportion of the population that is deemed poor, and the 'breadth' of poverty experienced by these 'poor' households, following the Alkire & Foster 'counting method'. The method was developed following increased criticism of monetary and consumption based poverty measures, seeking to capture the deprivations in non-monetary factors that contribute towards well-being. While there is a standard set of indicators, dimensions, cutoffs & thresholds used for a 'Global MPI', the method is flexible and there are many examples of poverty studies that modify it to best suit their environment. The methodology has been mainly, but not exclusively, applied to developing countries.
The OECD Better Life Index, created in May 2011 by the Organisation for Economic Co-operation and Development, is an initiative pioneering the development of economic indicators which better capture multiple dimensions of economic and social progress. The platform consists of a dashboard, that provides data and insights into key indicators - measuring areas such as wellbeing, environmental quality, quality of public services and security - alongside an interactive tool Your Better Life Index (BLI), which encourages citizens to create their own indexes by ranking each of the indicators according to the importance in their own lives.
The poverty gap index is a measure of the intensity of poverty. It is defined as the average poverty gap in the population as a proportion of the poverty line.
References
- ↑ "UK: numbers in low income - The Poverty Site". Poverty.org.uk. Archived from the original on 2010-07-13. Retrieved 2010-07-19.
- 1 2 3 "WHAT ARE EQUIVALENCE SCALES?". OECD.
- ↑ "Statistics Explained". ec.europa.eu.
- 1 2 3 "Chapter 3: Equivalised income - Office for National Statistics". www.ons.gov.uk. Retrieved 2020-07-01.
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