"Economic Goals" and examples – Flashcards
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Efficiency
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making the most of resources
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Freedom
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government does not have a say in what goods are produced, for how much, who is hired etc
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Equity
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Full Employment - there should be a job for everyone ready, willing, and able to work
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Equity
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little or no class differences, fair distribution of wealth
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Security
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government helps people who cannot make ends meet
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Growth and Innovation
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innovation leads to economic growth and economic growth leads to a higher standard of living
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Stability
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- economy of the country is stable with predictable small ebbs and smooth flow
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Economic Freedom
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People have the freedom to choose what they want to buy
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Economic Efficiency
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Resources are used wisely and benefits are greater than costs
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Economic Equity
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No discrimination; no lying to consumers
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Economic Security
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Providing for elderly, sick, and unemploymed
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Full Employment
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Everyone's doing some sort of job
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Price Stability
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Control against inflation; inflation hurts people on fixed incomes
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Economic Growth
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People want bigger, better things; need for new products and services
