Explain the poverty line in detail?
Poverty line is the level of income to meet the minimum living conditions.
Poverty line is the amount of money needed for a person to meet his basic needs. It is defined as the money value of the goods and services needed to provide basic welfare to an individual.
Poverty line changes from one country to another. In developed countries, where there is advanced standard of living and welfare concepts, poverty line is high as basic standard to live include higher consumption requirements and accessibility to many goods and services.
On the other hand, in many less developed countries, the basic requirements will be low and contains mostly essential consumption items needed to sustain life. This means that poverty line is set by the welfare standard in a particular society (economy).
The poverty line is the level of income needed to meet the minimum standard of living. People who have an income less than this is considered as below poverty line.Regards