Indian Economy Study Materials Part 2 - Poverty, Employment, Population, Education

Poverty

• Poverty means a state of lack of access to basic needs like food, shelter, education, etc..,

Types of poverty

1. Absolute Poverty: 
• People having income below the subsistence level of Living.
2. Relative Poverty:
• Let the people be divided based on their income into different groups.
• Then last 20% people having low income is said to be in poverty on comparing with the top 20% people having high income.

Other types

1. Temporary Poverty
2. Chronic Poverty
3. Primary Poverty
4. Secondary Poverty
5. Rural Poverty
6. Urban Poverty

Poverty Line:

• It is the minimum Income required for a subsistence level of Living.
• People having income below the poverty line is said to be a poor.

Causes for Poverty:

1. Population Pressure
2. Low Productivity
3. Unemployment and underemployment

Unemployment

• A person is said to be unemployed when he is available/willing to work but unable to get employed.

Types of Unemployment

1. Structural Unemployment
2. Frictional Unemployment
3. Cyclical Unemployment
4. Disguised Unemployment
5. Seasonal Unemployment
6. Educated Unemployment
7. Voluntary Unemployment
8. Natural Unemployment
9. Under Unemployment
10. Open Unemployment
11. Voluntary Unemployment