Explain the concept of poverty.

Explain the concept of poverty.

Poverty refers to a state of deprivation or lack of basic necessities and resources required for a decent standard of living. It is a multidimensional concept that encompasses not only low income or consumption levels but also limited access to education, healthcare, clean water, sanitation, housing, and other essential services. Poverty can be measured using various indicators such as income, consumption, or the multidimensional poverty index (MPI). The World Bank defines extreme poverty as living on less than $1.90 per day, while moderate poverty is living on less than $3.20 per day. Poverty is a significant global issue that affects individuals, families, and entire communities, and addressing it is a key goal for the World Bank and other international organizations.