UNIT 1: COMMUNITY & ECONOMY LESSON 5: What is philanthropy?

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Presentation transcript:

UNIT 1: COMMUNITY & ECONOMY LESSON 5: What is philanthropy?

*PHILANTHROPY* The effort to increase the well-being of people through charitable giving

People help others by giving the three Ws: 1.wealth (giving money) 2.work (volunteering to help with work) 3. wisdom (giving others the advantage of their knowledge)

*NONPROFIT* ORGANIZATIONS Institutions developed to increase the well-being of others in certain areas, such as education, religion, health, and other good causes

promotes education teaches important principles donations

*OPPORTUNITY COST* The value of the next best alternative given up when a choice is made

LESSON SUMMARY 1.Philanthropy is the effort to increase the well-being of people through charitable giving. 2.Nonprofit organizations depend on philanthropy to increase the ability of others. 3.All economic decisions have an opportunity cost because resources are scarce.