Goals of the U.S. Economy

1. Economic Freedom – Maintaining freedom of choice in the marketplace Choose: – How to spend $ – What to buy – Choose jobs – Change jobs – Join a union – When, where, and how to invest or save $

2.Economic Efficiency – Deals with efforts to make the best use of scarce resources 3.Economic Equity (Justice) – Deals with the question of fairness and right vs. wrong – Tries to ensure that members of society share in the benefits and costs as equally as possible

4.Economic Security – A nation’s effort to protect its members from poverty, business and bank failures, medical emergencies, and other events that would hurt the economic well-being of citizens and the nation Gov’t providing unemployment comp., insuring banks, providing assistance to business, etc. Individuals buying insurance 5.Economic Stability – Achieving full employment and stable prices

6.Economic Growth –E–Efforts to increase the amount of goods and services produced by each worker in the economy Standard of living: economic well being of people which is measured by how much the average person can consume in a given time. ECONOMIC GOALS ARE OFTEN IN CONFLICT WITH ONE ANOTHER!!