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Poverty ((Top 1% (People who have the an annual income of $750'000,…
Poverty
Top 1%
People who have the an annual income of $750'000, assets of $7.5 million. There around 1.2 million people across Canada that make up the 1%
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Middle Class
People with an income that falls between the upper and lower income class. It runs from $42'000-$125'000
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Working Poor
People who spend an average of 27 weeks working or looking for a job as well as their income falls below the poverty level
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Income Inequality
The unequal distribution of household or individual income across various participants in the economy
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GDP
The total value of goods produced,
and services provided in a country during year
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GNP
Equal to the GDP, plus the net income from foreign investments
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Marxism
Political and economic theories of Karl Marx and Friedrich Engels, which was later developed by their followers, to form the theory and practice of communism
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Free Market
An economic system in which prices are determined by unrestricted competition between privately owned businesses
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Economic Development
Improving the economic well-being and quality of life for a community by creating and/or retaining jobs and supporting or growing incomes, and the tax base
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Capitalism
An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state
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Inflation
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The act of inflating something, when inflation increases, the purchasing power of money decreases
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Globalization
The process by which a business develops international influence or operations on an international scale
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Created By: Brandon Trejo, and Onell Daniyal
