Poor vs Poverty vs Scarcity
Poor, Poverty and Scarcity are all terms that refer to a situation in which a person’s necessities are left unfulfilled. Despite the similarities in their concepts there are a number of major factors that differentiate what defines being poor, being in poverty, and facing scarcity of resources. The following article offers a clear overview of each of these terms and outlines the similarities and differences between the terms.
What is Poor?
A person can be called poor when he earns an income that does not fully cover all his necessities. The reason for being poor maybe because of a career path that they have chosen, economic distress in the country, financial distress, and other circumstances personal or general. A poor person may or may not have the ability to get out of their circumstances of financial distress. However, just like high income earners, people who fall under this category may still strive for better jobs, to earn a higher income, to go back to school and earn a higher education with the aim of bettering their future.
What is Poverty?
A person in poverty is someone who is merely trying to survive. People in poverty may not even have the very basic necessities in life, including food, clothing and shelter. A person in poverty maybe homeless and may not have the required education or exposure to work towards a better future. The primary aim of a person suffering from poverty would be to secure sufficient food and shelter for themselves and their families. A person in poverty may be more concerned about his wellbeing in the short term, rather than worrying about his economic and financial situation in the long term.
What is Scarcity?
Scarcity refers to a lack in the amount of resources available. Scarcity arises as a result of people having wants that are unlimited, but resources are limited in supply. A good example of a scarce good would be oil. Scarcity can also mean that a particular good has a very high demand but does not have a sufficient supply to meet this demand. For example, in the United States, apples are available in large quantities; however, if the demand for apples in the US are higher than the supply of apples, this can cause a scarcity. Scarcity also leads to making a choice to purchase or consume a good in substitute of the scarce goods.
Poor vs Poverty vs Scarcity
Poor, Poverty and Scarcity are terms used to describe a situation in which a person’s needs (may they be basic needs such as food, clothing & shelter, or wants such as a vehicle, phone or computer) are not met. A person facing either of these situations, therefore, is quite unhappy and unsatisfied. There are however a number of factors that differentiate one another. A person is poor when they cannot afford all the necessities and luxuries they desire. Poor maybe defined as having an income level lower than a specific set income standard. Poverty is when a person’s income is much lower than what is accepted as general standards of living. Poverty puts people in survival mode trying to secure the very basic necessities of food, water, clothing and shelter. On the other hand, scarcity refers to a situation in which resources or products are limited in supply and are insufficient to satisfy people’s needs and necessities. Scarcity results in the need to make a choice between an alternative product or resource.
What is the difference between Poor and Poverty and Scarcity?
• Poor, Poverty and Scarcity are all terms that refer to a situation in which a person’s necessities are left unfulfilled.
• A person can be called poor when they earn an income that does not fully cover all their necessities.
• A person in poverty is someone who is merely trying to survive. People in poverty may not even have the very basic necessities in life, including food, clothing and shelter.
• Scarcity refers to a lack in the amount of resources available. Scarcity arises as a result of people having wants that are unlimited, but resources are limited in supply.