Few Important Definitions Related to Poverty
Poverty Line: The conventional approach to measuring poverty is to specify a minimum expenditure (or income) required to purchase a basket of goods and services necessary to satisfy basic human needs and this minimum expenditure is called the poverty line. Poverty Line Basket: The basket of goods and services necessary to satisfy basic human needs is the Poverty Line Basket (PLB). Poverty Ratio: The proportion of the population below the poverty line is called the poverty ratio or headcount ratio (HCR).