as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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explain the difference between absolute and relative poverty
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absolute poverty is a type of poverty defined by a certain income level that is insufficient to meet minimum living standards. relative poverty, on the other hand, is poverty measured in relation to the economic status of the population as a whole. it is the lack of resources and opportunities compared to the average person in a society.
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