Differentiate between absolute poverty and relative poverty.
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Difference between absolute poverty and relative poverty:
| S. No. |
Basis of Difference
|
Absolute Poverty
|
Relative Poverty
|
| i. |
Meaning
|
Absolute poverty means that the person is not able to achieve a minimum level of consumption.
|
Relative poverty means that a person is poor in comparison of certain other person.
|
| ii. |
Prevalent in
|
This concept is prevalent in less developed countries.
|
This concept is prevalent in developed countries.
|
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