Economic Goals

16 Apr

  • Economic growth– Produce more and better goods and services,or,more simply,develop a higher standard of living.
  • Full employment– Provide suitable jobs for all citizens who are willing and are able to work.
  • Economic efficiency-Achievement of maximum fulfillment of wants using the available productive resources.
  • Price-level stability– Avoid large upswings and downswings in price level; that is ,avoid inflation and deflation.
  • Economic freedom– Guarantee that businesses,workers, and consumers have a high degree of freedom of choice in their economic activities.
  • Equitable distribution of income– Ensure that no group of citizens faces poverty while most others enjoy abundance.
  • Economic security– ¬†Provide for these who are chronically ill,disabled,laid off,aged,or otherwise unable to earn minimal levels of income.
  • Balance of trade– Seek a reasonable overall balance with the rest of the world in international trade and financial transactions.

Additional information(definitions):

Fiscal policy-involves changing government spending and taxes.

Monetary policy-involves changing supply of money.

Education and training policy-enhancing workers abilities.

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