E2 Economic rights ownership and property rights economic challenges
1 governments of MIXED MARKET economies may try to reduce the wealth gap by: taxing rich people at higher percentage of their income. improving education larger wealth gap chances for higher income more private property
2 Governments of COMMAND econmies may try to reduce the wealth gap by: placing limits on what citizens can earn. controlling what workers are paid SMALLER WEALTH GAP more public property less chance for higher income
Command economies North Korea
Government controls economy government has property rights to land, building, and factories. citizens have very limited property rights. government can even own house and car sometimes fewer rights
Responsibility
How much responsibility is required if things go wrong warranty for 30,000 something happens 20,000 covered but at 35,000 my responsibility
Time commitment
How much time is needed for maintenance and upkeep oil change something breaks time out of my day to keep it running
How does unemployment hurt an economy? Check all that apply. Unemployed people usually buy fewer things. Unemployed people may not be able to repay their loans. Unemployed people are not looking for jobs. Unemployed people have increased buying power. Unemployed people may have to change their financial goals.
Unemployed people usually buy fewer things. Unemployed people may not be able to repay their loans. Unemployed people may have to change their financial goals.
Wealth gap is not a problem: DEBATE everyone benefits if the economy is strong. The wealthy can use their money for large investments. Those investments can lead to job creation.
Wealth gap is a problem: A gap may lead to slower economic growth over time. A gap can cause economic instability. Fewer citizens can purchase what they need and want.
Employment
act of engaging in a job in exhange for income employed individuals: can make economic goals for themselves. gain the buying power to purchase private property.
Property Rights
are the power to own land or goods.
Wealth gap
between rich and poor economic difference between the two groups look at graph first: look at title read axes identify the trend
The government owns public property which: local park accessed raise money forrest logging to go in log the trees, company pays money to government.
can be accessed by all citizens. can be used as way to raise money
Individual own private property, which: car or house wealth to own but it can cause inequality you have car someone else doesnt
can help promote economic wealth. can cause economic inequality.
Challenges to Ownership Individuals must consider many factors when they become owners.
cost how much does it cost in the short term downpayment 2,000. And long term alont more than that 500 x 60 months five years
Second part Economic challenges
employment and unemployment equality and the wealth gap
Government can play influencial role when it comes to property rights
government regulations can increase or decrease property rights. **command economy fewer rights "run by government" **Property rights more rights mixed market economy USA has Mixed market More rights
Public property
land own by government white house or national parkts owned by the government,
Reading graph
line graph look at title read axes identify the trend
Joe owns a business renting out properties as apartments. He is hoping to purchase an old building to create new apartment homes. Before Joe is able to purchase the building, he must work out a deal with the current owner, who has decided to sell the property. Use the drop-down menu to complete each statement. Based on the information in the passage, it is most likely that Joe lives in a _____________ economy. The building that Joe is interested in purchasing would be considered _________________ .
mixed market private property
Ownership is the right to possess something
ownership allows you to decide: how to use something when to sell or get rid or something
government can reduce unemployment
pay for projects to create jobs lowering taxes to encourage hiring and spending food 10 x everything else if government lowers taxes you may be able to afford it at 7 governemnt can stimulate economy
Why is rising unemployment a problem
people have to adjust their economic goals because it is harder to Buy a house purchase goods needed to live pay taxes
Private property
refers to land or goods owned by individuals HOUSE
Unemployment
situation where a person does not have a job. unemployment also is a measure of the number of citizens who want a paid job but cannot find one. A high unemployment rate hurts an economy 50 not have money buying groceries etc. economy is hurting due to unemployment rate.