Wealth and Poverty Essay Example | Topics and Well Written Essays - 750 words

Wealth and Poverty - Essay ExampleFrom this study it is clear thatunderdeveloped nations are those that vex poor systems of governance, economic as well as welfare of the people. These countries have poorly developed infrastructure that is essential for economic development, in addition, their education system does not play a major role in empowering its people to be innovative and creative, for this reason, its people live in poverty.According to the reportwealth can be defined as the plentiful or abundance of valuable resources and possessions that can be exploited by an individual or a country. An individual, community, region or country having these resources is say to be wealthy, however, the lack of awareness about the availability of these resources and means to exploit them can leave an individual or that party being dependant. Poverty, in personal line of credit to wealth, means a general scarcity, in this case, it may refer to an individual or state as well. Poverty, jus t as wealth can in addition be defined according to the context in which it is being derived, however there are two main approaches to this issue, it can be absolute or relative poverty. Absolute poverty can be described as a situation where people in a certain place have minimal or no access to the basic requirements of life, which are food, shelter and clothing. On the other hand, relative poverty refers to the situation where people are solely barred from taking part in what is considered as a normal and acceptable standard of life in a community or troupe in general.