The estimated minimum level of income needed to secure the necessities of life is known as ____.

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Detailed Solution

The estimated minimum level of income needed to secure the necessities of life is known as the Poverty line. Different countries use different poverty lines because:
1)      Different human races' calorie requirements vary, depending on their physical condition and dietary habits. Those races which have greater height require higher calories.
2)      The per-capita income in different countries is also different, i.e., per capita income is higher in developed countries than in developing countries.
3)      The standard of living in Western countries is higher than that of developing countries.
4)      The essential items' cost in calculating the poverty line is higher in developing countries.

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