![]() It is important that all members of our society work together to provide the opportunities for all our members to reach their full potential. No matter how poverty is defined, it can be agreed that it is an issue that requires everyone’s attention. Definition of Economics Definition of Economics-Simple Definition of Economics-Economics is a Branch of social (behavior of people living in society) science (study of theories in the systematic ways) which study of how society uses its limited (scarce) resources, which have alternative uses, to produce goods and services and to distribute them among different group of people (Society) It. The differences between rich and poor within the borders of a country can also be great.ĭespite the many definitions, one thing is certain poverty is a complex societal issue. Feeling poor in Canada is different from living in poverty in Russia or Zimbabwe. Poverty varies considerably depending on the situation. An economic expansion refers to a period of time when GDP growth is positive and real output increases. There is no one cause of poverty, and the results of it are different in every case. This work includes identifying social indicators to track education, health, access to services, vulnerability, and social exclusion. While much progress has been made in measuring and analyzing poverty, the World Bank Organization is doing more work to identify indicators for the other dimensions of poverty. ![]() The increased cost on the health system, the justice system and other systems that provide supports to those living in poverty has an impact on our economy. ![]() When people are excluded within a society, when they are not well educated and when they have a higher incidence of illness, there are negative consequences for society. Those people who are barely able to pay for food and shelter simply can’t consider these other expenses. In addition to a lack of money, poverty is about not being able to participate in recreational activities not being able to send children on a day trip with their schoolmates or to a birthday party not being able to pay for medications for an illness. So poverty is a call to action - for the poor and the wealthy alike - a call to change the world so that many more may have enough to eat, adequate shelter, access to education and health, protection from violence, and a voice in what happens in their communities.” Most often, poverty is a situation people want to escape.
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