Final answer:
In America, it is estimated that 8 out of 10 people live paycheck to paycheck. The term 'absolutely' is used to describe someone who does not earn enough to cover basic living expenses. Globally, poverty levels are more extreme, with significant portions of populations in countries like China and India living on less than $2/day.
Step-by-step explanation:
In America, nearly 8 out of 10 people live paycheck to paycheck, which reflects the economic challenges many Americans face in their daily lives. If someone does not earn enough money to pay for the essentials of life, he or she is said to be absolutely poor. Globally, the scenario is even more severe, with about half of the world living on less than $2.50 a day and 80 percent living on less than $10 per day, highlighting the stark differences in poverty levels around the world. It's important to note that living costs in countries like China, India, Nigeria, and Egypt, where many subsist on less than $2/day, can differ significantly compared to the United States, meaning that purchasing power isn't directly comparable. The poverty rate in a given country, such as country B with a population of 900 million and 100 million people living below the poverty line, can be calculated as the number of people living in poverty divided by the total population, resulting in a poverty rate of about 11.1 percent.