Economics for Common People – Part 22 Poverty & Inequality

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1️⃣ What Is Poverty?

Poverty is a condition where people lack basic necessities of life.

• Food
• Shelter
• Clothing
• Education
• Healthcare

Poverty is not just lack of income — it is lack of opportunities.

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2️⃣ Types of Poverty

• Absolute Poverty – Inability to meet basic survival needs.
• Relative Poverty – Living below the average standard of society.

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3️⃣ What Is Inequality?

Inequality refers to unequal distribution of income and wealth.

In many countries:

• A small percentage of people control large wealth.
• Millions struggle for basic needs.

High inequality can slow social progress.

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4️⃣ Causes of Poverty & Inequality

• Lack of education
• Unemployment
• Unequal access to resources
• Rapid population growth
• Economic policies

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5️⃣ Effects on Society

• Social unrest
• Crime
• Low economic growth
• Poor health outcomes

Extreme inequality weakens democracy and economic stability.

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6️⃣ Solutions

• Quality education
• Employment generation
• Fair taxation
• Social welfare programs
• Skill development

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Development is meaningful only when it reduces poverty and inequality.

— Shaktimatha Learning