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Chapter 15: Q. 30 (page 378)

What goods and services would you include in an estimate of the basic necessities for a family of four?

Short Answer

Expert verified

The goods and services we will include in an estimate of the basic necessities for a family of four are Food, water, shelter, cloths and transportation .

Step by step solution

01

Concept Introduction

Necessities or essential goods are those without them an individual can't survive, they are very basic & survival needs.

02

Explanation 

Goods and services that could be included in an estimate of the basic necessities for a family of four is meal to eat, clothes to wear, water to drink, shelter to survive are basics goods.

Transportation would be a necessary service for traveling long distances in order to earn money.

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Most popular questions from this chapter

Many critics of government programs to help low-

income individuals argue that these programs create a poverty trap. Explain how programs such as TANF, EITC, SNAP, and Medicaid will affect low-income and whether or not you think these programs will benefit families and children.

How can the effect of the poverty trap be reduced?

How does the poverty trap discourage people from working?

Explain what the long- and short-term consequences are of not promoting equality or working to reduce poverty.

A group of 10 people have the following annual incomes: \(24,000, \)18,000, \(50,000, \)100,000, \(12,000, \)36,000, \(80,000, \)10,000, \(24,000, \)16,000. Calculate the share of total income that each quintile receives from this income distribution. Do the top and bottom quintiles in this distribution have a greater or larger share of total income than the top and bottom quintiles of the U.S. income distribution?
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