Poverty can be defined as the condition of lack of ways and means, necessary to satisfy one’s basic needs. Some of these basic needs are food, shelter and clothing. People are said to be poor or to be in poverty, when their total revenue and assets fail to support their basic needs, therefore leading to these people experiencing low standards of living. Poverty in economic terms can be seen as a state, where a country’s largest population is living under a set mark of socially acceptable standard of living, generally called the poverty line. It’s a measure of the minimum income level approved economically as the official standard.
Is poverty inevitable?
Is poverty inevitable? No. There are different ways and means to evade poverty both statewide and in the household levels. In the household level or in family and individual levels, poverty can be evaded through a continuous saving habit, cutting off expenditure on luxury goods, avoiding impulsive buying, engaging in meaningful investments, such as purchase of government bonds, securities and avoiding bad habits, that drain cash off you and therefore reducing your purchasing power. Good examples of such habits are gambling and drug abuse. Investing in personal knowledge about financial freedom also may help in eradicating or evading poverty. Knowledge is key in poverty evasion. Therefor, take a look at schoolapply.ng and think about your education.
Evading poverty as a Country
Countries should strive to evade and eradicate poverty. One of the ways of ensuring that is through allocation of resources in public education schemes and funding the education sector to improve the literacy levels of a country in matters regarding finances. Similarly, it should support progressive politics, that give conducive environments for trading and promoting foreign policies, that favour the country’s foreign trade sector, to avoid negative balances of trade, that may sink a country into poverty. Governments should also focus on improvement of infrastructure, such as roads and ports, to boost both local and foreign trade and most importantly, maintaining good foreign relations through progressive trade policies.