What is the term for living standards in comparison to the general population?

The term "Relative Poverty" refers to the concept of living standards when compared to the general population. This measure evaluates an individual's or household's economic situation in relation to others within the same society. It emphasizes not just income levels but also the ability to access basic needs and services considered standard within that particular community.

Relative poverty is important as it indicates how individuals or groups are faring in relation to societal averages. For example, a family may have enough income to meet their basic needs but still be considered in relative poverty if their economic resources are significantly lower than the majority of the population around them. This approach highlights disparities in the standard of living and helps to define poverty as not merely an absolute measure but a relative one influenced by social and economic contexts.

In contrast, Absolute Poverty is defined as a condition where one lacks the essential resources to meet basic life needs, such as food, shelter, and healthcare, regardless of the wider population's economic status. Economic Disparity refers to significant differences in economic measures between different groups or areas, while Income Inequality deals specifically with the unequal distribution of income across a population. These concepts, while related, do not specifically address the comparison to the general population as "Relative Poverty" does.