George's family lives in a large house in an exclusive community,drives new cars every year,and frequently takes lavish vacations.Both of his parents work full time and are well paid,but never have enough money to pay for all the expensive things they enjoy.Their credit card debt is exorbitant and they are considering filing for bankruptcy.This is an example of ______ poverty.

Question

Quizplus · Accepted Answer

This is an example of relative poverty, where individuals may have an income that is insufficient to maintain the average standard of living in the society in which they live. Despite having access to expensive goods and a seemingly luxurious lifestyle, George's family struggles to afford their lifestyle compared to the societal norm, leading to significant debt.

George's Family Lives in a Large House in an Exclusive