a person’s inability to reach certain living standards “customary in the society” considers poverty in terms of both material goods and the psychological impacts the situation has on the individual in question, especially when such an individual lacks some resources that those people around them have (Yilmaz et al., 2003). There are three basic approaches to defining and measuring poverty. The first approach is the absolute approach, which sees poverty as that situation where an individual earns income or consumes below some given minimum standards “for the poor.” The second approach is the relative one, which looks at poverty as a “proportion of the median income or consumption of the rest of the society.” The definition addresses issues pertaining to distribution as well as equity. It makes an assumption that every individual has some kind of a right to not only share but also to use their nation’s resources and wealth that is made by this particular society as a whole. The last approach is the subjective approach which mostly bases its arguments on the opinions of certain people who believe that they are poor. It considers, for instance, a household’s assessment of what they consider as minimum or even sufficient income or even consumption which they need. This approach is more comprehensive as compared to the other two, since it takes into consideration the two approaches (Yilmaz et al., 2003).
However, regardless of the definition, each and every nation has its own official “poverty line” which sets the standards below which an individual may be viewed as poor. Poverty is measured by determining a certain amount of money that if a person’s income and consumption falls below, then such individual is considered as poor. Most nations tend to adjust this level every year, especially considering the inflation rate. Recent years have seen most international development agencies adopt the US$1 as a standard measure for comparing poverty