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Economic Empowerment

Economic Empowerment. Poverty. Key Vocabulary. Absolute poverty Relative poverty Standard of living Buying power Poverty cycle Economic security Disposable income LICOs LIMs BMB. What is poverty?. Canada. Canada does not have a standard definition. Absolute Poverty.

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Economic Empowerment

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  1. Economic Empowerment Poverty

  2. Key Vocabulary • Absolute poverty • Relative poverty • Standard of living • Buying power • Poverty cycle • Economic security • Disposable income • LICOs • LIMs • BMB

  3. What is poverty?

  4. Canada • Canada does not have a standard definition.

  5. Absolute Poverty • Lacking the amount of money needed to meet basic needs such as food, clothing, and shelter. (Absolute)

  6. Relative Poverty • People are poor if they fall below prevailing standards of living in a given societal context. (Relative)

  7. Canada • Canada uses 3 different measures to help understand poverty.

  8. Canada • We use: • Low Income Cut-offs (LICOs) • Low Income Measures (LIMs) • Market Basket Measure (MBM)

  9. Low Income Cut-offs (LICO) • spends a higher percentage of its income on “basic needs”

  10. Market Basket Measure (MBM) • lacked any item required to maintain long-term physical well-being.

  11. Low Income Measures (LIM) • half the average family income.

  12. Poverty • Lacking the amount of money necessary to meet basic needs such as food, clothing, and shelter. (Absolute) • People are poor if they fall below prevailing standards of living in a given societal context. (Relative)

  13. Key Vocabulary • Absolute poverty • Relative poverty • Standard of living • Buying power • Poverty cycle • Economic security • Disposable income • LICOs • LIMs • BMB

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