Transcript US economic goals

1. Economic Freedom
--People can choose their
occupation, employer & uses
of their money
--Businesses choose where &
how to produce
2. Economic Efficiency
--Use the factors of production
wisely
--i.e.—do not waste resources
3. Economic Equity
-- = pay for = work
--illegal to discriminate based on:
1. age
2. gender
3. race
4. religion
5. disability
4. Economic Security
--protection against illness
insurance
--layoffs
Unemployment comp
--retirement
social security &
Medicare
5. Full Employment
--everyone that wants a job should
have one to earn an income
What do we consider full
employment?
5% unemployment
6. Price Stability
--having stable prices makes it
easier to budget
--inflation-a rise in the general level
of prices
--fixed income-income that does
not increase even though prices
do
7. Economic Growth
--needed so people can have
more goods & services
--increase in GDP
--the “American Dream”