The concept of vicious circle of
poverty is associated with Note:
In economics, the cycle of poverty is the "set of factors or events by which poverty, once started, [ is likely to continue unless there is outside intervention." The cycle of poverty has been defined as a phenomenon where poor families become trapped in poverty for at least three generations. These families have either limited or no resources.
There are many disadvantages that collectively work in a circular process making it virtually impossible for individuals to break the cycle. This occurs when poor people do not have the resources necessary to get out of poverty, such as financial capital, education, or connections.
In other words, poverty-stricken individuals experience disadvantages as a result of their poverty, which in turn increases their poverty. This would mean that the poor remain poor throughout their lives.
This cycle has also been referred to as a "pattern" of behaviours and situations which cannot easily be changed. The poverty cycle is usually called "development trap" when it is applied to countries.
Dr. Ruby K. Payne distinguishes between situational poverty, which can generally be traced to a specific incident within the lifetimes of the person or family members in poverty, and generational poverty, which is a cycle that passes from generation to generation, and goes on to argue that generational poverty has its own distinct culture and belief patterns. www.preservearticles.com/2012042631242/what-is-the-meaning-of-vicious-circle-of-poverty.html
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Lack of income and money is generally associated with..
The concept of vicious circle of poverty.
Vicious Circle of Poverty A'' Country is poor become it is poor:
Another major cause of economic backwardness is the vicious circle of poverty. [ Due to backwardness there is not optimum use of resources and due to this reason goods are not produced on the principle of specialisation and division of labour and hence production remains low. Low level of production is due to imperfect markets. Therefore, the level of income of the people is low and hence, level of savings is low. Low level of savings is responsible for low level of investment as a result capital formation rate remains low and problem of shortage of capital arises in these countries and therefore, shortage of capital is the major cause of their underdevelopment. ] Expert answered|LailaL|Points 10|
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