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Explain the Various Measures of Poverty and Inequality

question 70

Essay

Explain the various measures of poverty and inequality. Discuss the difficulties in obtaining accurate data for measuring poverty and inequality.


Definitions:

Rational Choice Theory

An economic principle that states individuals always make prudent and logical decisions that provide them with the highest amount of personal utility.

Macro Level

Analysis or perspectives focused on large-scale structures and processes in society, often contrasting with micro-level individual or small group interactions.

Maximize Interests

The process of optimally increasing the benefits or gains from a situation or decision.

Maintain Associations

The ongoing effort to keep relationships or connections between entities or concepts active and beneficial.

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