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Poverty midterm review sheet

Poverty midterm review sheet - Capability those who do not...

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Capability : those who do not have the capabilities to secure a sufficient level of resources to meet some minimum standards based on income/consumption Asset : asset (wealth) holdings wealth—more encompassing than income/education closer to traditional notions of economic wellbeing and access to life chances If you have enough in assets, liquidate assets, and sustain yourself above Federal Poverty Line for 3 months, then you are NOT considered asset poor, vice versa Relative : compare income of family to norm (economic position of society—income of the median family), adjusted for price level changes poverty standard will tend to increase Consumption : control for transitory nature of annual income measures difficult to obtain accurate/complete family data necessary to construct consumption-based index material depravation Subjective : subjective responses of individuals to questions about their economic position/well-being, relative to some norm relative poverty indicators household surveys, “How much do you think you need to not be poor?” Feminization of Poverty : more female-headed households relative increase in difference in levels of poverty among women and men Current Population Survey : (1940) statistical monthly survey on unemployment— asks employment status of each member of household United States Census Bureau of Labor Statistics civilian non-institutionalized population March Monthly Survey for poverty calculation 60,000 households, state-based design Hidden Unemployment : 1. Working significantly below human capital/experience 2. Working part time but would like a full-time job 3. Discouraged workers Discouraged Worker Hypothesis : when worker has stopped looking for employment because they are pessimistic prospects Labor Force Participation Rate : LF/population nonmilitary people officially employed or unemployed labor force—working age, employed, seeking employment and NOT students, retired, stay-at-home parents, people in prisons, people employed in jobs or professions with unreported income, discouraged workers Economy Food Plan : (1963) minimum diet needed to sustain life 1/3 of income family of 4: $2.74/day 1. $2.74 * 365 = $1000 2. $1000 * 3 = $3000 3. pre-tax cash income: < $3000= poor Poverty Duration : how long in poverty Elizabethan Poor Law of 1601 : provision for compulsory poor rate to be levied on every parish collection of poor relief rate from property owners outdoor relief: poor would be left in their own homes and would be given either money or in-kind goods indoor relief: poor to local almshouse, ill to hospital, orphans to orphanage, poor to poor-house/workhouse Skill-biased Technological Change :
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technological advances that are being made to complement activities of more highly-skilled workers computers for janitor versus doctor/lawyer/professor technological changes have not been compatible with low-level income peoples Extreme Poverty : ½ of the federal poverty line
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Poverty midterm review sheet - Capability those who do not...

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