After studying this chapter, you will be able to do the following:

1. Define different conceptions of economic well-being.

2. Discuss the extent of poverty in the world today.

3. Identify the causes and devastating consequences of poverty.

4. Explain the concept of economic inequality not only as it applies between countries but within countries as well.

5. Define and discuss some of the alternative approaches to economic well-being.

6. Explain the role of the international community in matters of economic well-being.