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Goals of Economic Systems

Goals of Economic Systems. Six Goals of any economy. Economic Efficiency - Producing the most goods/services possible with limited resources Economic Equity - Creating policies that promote fairness and wellbeing Economic Freedom

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Goals of Economic Systems

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  1. Goals of Economic Systems

  2. Six Goals of any economy • Economic Efficiency - Producing the most goods/services possible with limited resources • Economic Equity - Creating policies that promote fairness and wellbeing • Economic Freedom - Freedom to choose: where to live, what to buy/sell, where to work, what businesses to open • Economic Growth - Constant increase in the production of goods/services in your country

  3. Economic Security • Protecting consumers and producers from economic risks • Ex. Loss of jobs, bank failures, natural disasters, etc…. • Economic Stability - Steady economic growth, high employment levels, and price stability.

  4. What goals are attained with each situation? Explain your answers! • Requiring Motorcyclists to wear helmets? • Taxes • Banning red meat that is imported from Europe for fear of Mad Cow Disease. • New welfare rules limiting how much money people can receive.

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