Terry lives in a shabby apartment and uses public transportation to get around. Larry owns a deluxe home and drives a brand new Mercedes. Compared to Larry, Terry is experiencing:

Question

Quizplus · Accepted Answer

Terry is experiencing Relative Poverty, which is defined by one's economic status in comparison to the living standards of the majority in a given society. In this case, Terry's situation is being compared to Larry's, who has a higher standard of living. Absolute poverty, on the other hand, refers to a lack of basic necessities, which doesn't seem to be Terry's case as there's no mention of him lacking essentials like food, water, or shelter. Residual and Transitional Poverty are specific types of poverty related to temporary situations or societal safety nets, neither of which are directly indicated in the scenario provided.

Terry Lives in a Shabby Apartment and Uses Public Transportation