1. Economic Issue  What is an economic issue? Why should we be interested in them?  Concerns or problems related to how people work to create wealth.  They affect us. They can impact our future. They affect our entire economy.

2. Needs  What are some of our basic needs? How important is money in meeting them?  Food, water, shelter  We must have money. Everything in our society costs money in some way.

3. Capitalism  Explain some of the key features of a CAPITALIST economic system.  Individual freedom is highly valued.  What is important to the group matters more than what matters to an individual.  The government takes care of production and distribution.  Individuals own companies that look after production and distribution.  Whether you can meet your basic needs depends on how wealthy you are.  Everyone gets what they need.  Cooperation is important.  Competition is important.

4. Socialism  Explain some of the key features of a SOCIALIST economic system.  Individual freedom is highly valued.  What is important to the group matters more than what matters to an individual.  The government takes care of production and distribution.  Individuals own companies that look after production and distribution.  Whether you can meet your basic needs depends on how wealthy you are.  Everyone gets what they need.  Cooperation is important.  Competition is important.

5. Poverty  What is the difference between relative poverty and absolute poverty?  Relative poverty:You are poor if you are significantly “worse off” than the average  Absolute poverty: You are poor if you cannot meet your basic needs

6. Poverty Cycle  Describe a way that the poverty cycle makes it hard for people to change their circumstances.  People living with poverty often have health problems because they can’t afford healthy food. If you aren’t healthy it’s hard to work. If you can’t work, you can’t earn a living.  People living with poverty might not be able to afford the things they need in order to look for work. For example, if you don’t have a car and can’t afford to take the bus, you might not be able to to get to job interviews.

7. Personal Capital  What are some examples of personal capital?  Savings in the bank  Skills  Willingness to work hard  Property

8. Poverty Cycle  What is a way that people can break the poverty cycle?  Get training or further education to improve your job skills.  OR  Work together to help each other out.