Economic Goals – Flashcards
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∗∗How does achieving one economic goals interfere with the achievement other economic goals?∗∗
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∗∗How are the six economic goals valued in different economic systems?∗∗
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What are the six economic goals
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1) Economic Security 2) Economic Stability 3) Economic Growth 4) Economic Freedom 5) Economic Efficiency 6) Economic Equity
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Economic Efficiency
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wise use of available resources so as to obtain the greatest benefits possible
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Economic Stability
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refers to maintaining stable prices and full employment and keeping economic growth reasonably smooth and steady.
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Economic Security
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the freedom to feel safe no matter where we are
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Economic Freedom
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The freedom to own property, to make a profit, and to make choices about what to produce, buy, and sell
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Economic Growth
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the ability of the economy to produce increasing quantities of goods and services
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Economic Equity
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the attempt to balance an economic policy so that everyone benefits fairly
