Evaluate the following two statements: "He is income rich but he is not very wealthy" "He is income poor but he is wealthy"
What will be an ideal response?
The first person might be making a lot of income but hasn't acquired much wealth in the form of savings account balances or real estate. The second person might not have an income or have a really low income but accumulated a lot of wealth from the past.
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When determining the production possibilities curve
A) the trade-off between the goods in the economy remains constant. B) the amount of productive resources remains constant. C) the prices of the goods are used. D) the prices of resources are used.
An example of a capability considered in the capabilities approach would be:
A. to have the ability to purchase a luxury item you really want. B. being able to afford appropriate healthcare required for a healthy life. C. to be able to afford to travel freely. D. to have adequate food and shelter.