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Capitalism / Socialism Poverty Personal Capital / Habitat Humanity 10 Point 20 Points 30 Points 40 Points 50 Points 10 Point 20 Points 30 Points 40 Points 50 Points 30 Points 40 Points 50 Points Businesses Community Wealth Definitions
Capitalism
People should be free to make as much money as they can. Goods and services are bought through buying and selling.
Poverty
Living below the standard of living. You are not able to meet your basic needs.
Capital
The money (and other things) that have to be invested or “put into” a business to start it up and keep it operating.
Standard of Living
A measure of how much “buying power” a family has,
Personal Capital
Includes anything that you have that can help you improve your economic situation.
What type of economy does Canada have?
Capitalist
What are some needs that money cannot buy?
It is important for people to feel safe, and that they belong.
What are the two main ideas of capitalism?
1)Goods and services are distributed through buying and selling. 2)Individuals should be free to become as wealthy as they can.
Would you rather live in a capitalist or socialist society? Why?
Student’s own answer, must be backed up.
How is socialism different than capitalism? (Name three ways)
1) The group is more valued? 2) Production of goods and services are in the hands of the government 3) Every person should receive enough to meet his or her needs. 4)Co-operation is important to help create wealth and improve society.
What is capital?
The money and other things that have to be invested into a business venture to start it up and keep it running.
What is profit?
The money the business owner makes after being repaid for the investment and paying other expenses.
Who are the first people to benefit from a business opening in a community?
The workers because they get wages.
What is an example of a small business?
Small family business (or student’s own answer)
How does opening up a business benefit a community?
By creating wealth. People who are hired get wages, those people spend money on other things in the community, other business booms.
How many children were living in poverty in 2000?
1 in 5.
What is standard of living?
How much buying power a person has.
What are the two ways to define poverty?
If you have a lower standard of living, or if you are not making enough income to meet your basic needs.
What is one reason that poverty exists?
Businesses shut down, and people lose their jobs (Or student’s own answer)
Why is it hard to break out of the poverty cycle? Give an example of the poverty cycle?
(Student’s own answer) Poverty – Can’t work – Poor Health Poverty – no job skills – cannot get hired. Poverty – No transportation – Can’t get to interview
Why is using money wisely important?
To save money and build personal capital.
What is a mortgage?
The part of the house that the bank owns, and the family must pay off.
What is Habitat for Humanity?
A volunteer organization that helps families in need buy a house.
What type of people are ideal candidates for Habitat for Humanity?
Hard working and considerate.
What did Ana Nan have to do be eligible for a Habitat for Humanity Home? What did she have to agree to?
A $500 down payment and 500 “sweat equity hours”.
Make your wager
What is the best way to break the poverty cycle? What are some strategies to do this?
To get education / skills. Seek assistance from government or social programs.