Examlex
Why are the values of inputs not included in the calculation of the GDP?
Standard of Living
Refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or a geographical area.
Absolute Poverty
Not having enough money to afford the basic necessities of life.
Extreme Poverty
A condition characterized by the severe lack of access to basic human needs, such as food, safe drinking water, and shelter, often defined as living on less than $1.90 a day.
Basic Poverty
A condition where individuals or families lack the financial resources to meet the minimum standards of living, often defined by basic necessities such as food, clothing, and shelter.
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