Definition of Poverty

  • Poverty is the state of one who lacks a usual or socially acceptable amount of money or material possessions.
  • Poverty is said to exist when people lack the means to satisfy their basic needs
    • In this context, the identification of poor people first requires a determination of what constitutes basic needs
    • These may be defined as narrowly as “those necessary for survival” or as broadly as “those reflecting the prevailing standard of living in the community.”