Poverty Line:

The poverty line is a monetary measure of the minimum consumption of goods and services that a household should obtain  in  order to ensure that  its basic needs are adequately met. The monetary measure of US$ 1 per day is used  to make global comparison of population living below the poverty line. The poverty line, therefore, represents a minimum budget that a household should spend over a defined period  if it  is to meet  its basic  food and non-food  requirements.

Poverty Gap:

The  poverty gap is the average of the differences between  the  income  of  each individual poor and  the  poverty line. Poverty gap measures  the  total  amount  of income necessary to raise everyone who is below  the poverty  line up to that  line. To put it in a simple manner, the total poverty gap can be considered as the amount of money per day it would  take to  bring every poor  person  in an economy up  to our defined minimum  income standards.