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Poverty is measured by the number of people who fall below a certain level of in
Poverty is measured by the number of people who fall below a certain level of income—called the poverty line—that defines the income one needs for a basic standard of living. Income inequality compares the share of the total income (or wealth) in society that different groups receive.
(i) Is one’s standard of living the same as one’s quality of life? Explain (cite appropriate examples).
(ii) Can a person be materially well-off (high standard of living), but unhappy (low quality of life)? Explain (cite appropriate examples).
[Hint: https://www.investopedia.com/articles/financial-theory/08/standard-of-living-quality-of-life.asp (Links to an external site.)]
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