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The rationale for a senior discount offered by companies is that the customer is assumed to be retired and living on a limited income, and unlikely to be willing to pay full price; sales at reduced price are better than no sales. Non-commercial organizations may offer concessionary prices as a matter of social policy. [13]
The absolute poverty threshold is the money needed to purchase a defined quantity of goods and services, [7] and every threshold generally reflects the minimum income required to acquire necessities of life. However, a caveat is that as a family that earns above a set threshold may still choose to not spend on the need of their children. [10]
In the UK in 2006, "more than five million people – over a fifth (23 percent) of all employees – were paid less than £6.67 an hour". This value is based on a low pay rate of 60 percent of full-time median earnings, equivalent to a little over £12,000 a year for a 35-hour working week.
According to the US Surgeon General "The prevalence of obesity in the US more than doubled (from 15% to 34%) among adults and more than tripled (from 5% to 17%) among children and adolescents from 1980 to 2008." [175] A concern for the health system is that the health gains do not accrue equally to the entire population.
Under the LURA, the project is required to meet the particular project's low income requirements for a 15-year initial "compliance period" and a subsequent 15-year "extended use period" (or longer, if required by the local authority; the extended use rules were added in 1989, and do not apply to projects developed in the first few years of the ...
So, if income increases by 50%, then consumption of a superior good will increase by more than 50% (maybe 51%, maybe 70%). In economics terminology, all goods with an income elasticity of demand greater than zero are "normal", but only the subset having income elasticity of demand > 1 are "superior". [7]
Payment protection insurance (PPI), also known as credit insurance, credit protection insurance, or loan repayment insurance, is an insurance product that enables consumers to ensure repayment of credit if the borrower dies, becomes ill, disabled, loses a job, or faces other circumstances that may prevent them from earning income to service the debt.
Most discarded clothing is recycled for other uses, such as building insulation or carpet. [97] Textile recycling firms process about 70% of the donated clothing into industrial items such as rags or cleaning cloths. [98] However, 20–25% of the second-hand clothing is sold into an international market. [98]