Economic Security (Chapter 3) Remember, our economic system today evolved from the European’s system of economy they brought with them.

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Economic Security (Chapter 3) Remember, our economic system today evolved from the European’s system of economy they brought with them.

Poverty Q: What is poverty? A: There are two ways to define poverty: 1. When a family’s standard of living is lower than most people in society. Standard of living is a measure of how much “buying power” a family has. 2. Another way is to calculate whether you can survive on the money you make. You are in poverty if the expense of meeting basic needs is higher than your income. * approx. 1 out of every 5 children in Canada lives with poverty…that’s 20%!

It’s not all about money!! There’s more to life than economic security. Quality of life includes all the other things we need and want that money can’t buy. What kinds of things might this include?

Why is there poverty? Explain the poverty cycle by using the illustrations and captions on p. 52. What are some ways people can break the poverty cycle? p.55

Time for some real-world economics!!

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