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Identify and explain the concept from the given illustration: Dhanajirao is a wealthy landlord, but his annual income is relatively less in comparison to entrepreneur Raobahadur. - Economics

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Question

Identify and explain the concept from the given illustration:

Dhanajirao is a wealthy landlord, but his annual income is relatively less in comparison to entrepreneur Raobahadur.

One Line Answer
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Solution

  1. Identified concept: Relative poverty.
  2. Explantation of concept: Relative poverty arises due to the difference in the standard of living due to inequality in income.
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Chapter 8: Poverty in India - EXERCISE [Page 56]

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Balbharati Economics [English] Standard 11 Maharashtra State Board
Chapter 8 Poverty in India
EXERCISE | Q 4. 2) | Page 56
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