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Understanding Economy's Role in Poverty

The document summarizes the function of an economy and identifies an economic issue. It states that an economy allows people to specialize and trade goods and services using money, which improves living standards. It then identifies poverty as an economic issue and provides three practical solutions: improving education for those in poverty, reducing crime in high-poverty areas, and adjusting taxes to benefit the poor.

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Ralph Galvez
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134 views1 page

Understanding Economy's Role in Poverty

The document summarizes the function of an economy and identifies an economic issue. It states that an economy allows people to specialize and trade goods and services using money, which improves living standards. It then identifies poverty as an economic issue and provides three practical solutions: improving education for those in poverty, reducing crime in high-poverty areas, and adjusting taxes to benefit the poor.

Uploaded by

Ralph Galvez
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

Bautista, Joshua A. SS15/ Quiz 4 What is the function of economy?

June 28, 2013 Prof. Tuliao

The economy is a word that describes the system of trading goods and services between people. What it does is allow people to specialize in 1 trade, such as making computers or fixing cars, and then exchanging those services for food, gas, a place to live, health care etc. And in our economy, we use money as mechanism to make this exchange easier. So the job of the economy is to allow people to exchange goods, services, and wealth and in doing so, live a better life. Identify economic issue and suggest how we can improve this issue. Some practical solutions to reduce poverty however 1. Through education. All those kids who live in the ghetto and the inner city and such don't get a proper education, and thus cannot get themselves jobs. 2. Clean up cities. And by that, I mean getting rid of crime and such, not picking up trash. Again, in the ghetto, where poverty is common, many kids are forced into a gang life, which pretty much destroys any chance of a successful future. 3. Reduce taxes for the poor, raise them for the rich. Not excessively or the upper class will get mad, but enough so that the poor have a better chance at life.

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