GENESEE ACADEMY SOCIAL SCIENCE

NOTES LESSON 7

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BY: Janae' Tyler

Lesson 7
 
 
Low Income Economies:
( $ 760 or less )
 
Middle Income Economies:
( $ 761- $ 9360 )
 
High Income Economies:
( $ 9361 or more )
 
* Being poor is relative
 
Economic growth improves the lives of the poor by making the portion of the "pie" bigger.
Bigger slices means higher standards of living. The only difference in the different poors is the size of the pie.
 
If the economy grows and the poor people keep the same percentage and it doesn't change then the amount that the poor has grows.
 
Since  the 1930's our economy has grown 3% each year.
 
In the US the average income per person is $34,142 .
The poverty level is $19,000.
 
The less education you have the less income you make. If you want to get out of poverty, get educated.

 
 
 
 
"We hold these truths to be self-evident, that all men are created equal,..." Declaration of Independence, 1776