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Unformatted text preview: Income and wealth-Income : money received by a person for work or from returns on investments-Wealth: A familys or individuals net worth (total assets minus total debts) Defining poverty-A condition of deprivation due to economic circumstances-Government definition (1963)-Income thresholds adjusted yearly by cost of healthy food in Consumer Price Index (CPI)-Food 35% of Budget Example poverty thresholds(2007) One person $10,590 Family of 3 with 2 kids $16,705 Family of 7 with 4 kids $32,114 Family of 9+ with 8+ kids (highest) $40,000+ Poverty definition: criticisms-Poor spent more on food in 50s-60s-Now spend more on housing than food-No regional variation-Measured by income alone-Families living above poverty line cannot necessarily support themselves...
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This note was uploaded on 03/27/2010 for the course SOCIOLOGY 2000 taught by Professor Lauriechancy during the Spring '10 term at LSU.
- Spring '10