Goals of Economic Systems. Six Goals of any economy 1. Economic Efficiency - Producing the most goods/services possible with limited resources 2. Economic.

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Presentation transcript:

Goals of Economic Systems

Six Goals of any economy 1. Economic Efficiency - Producing the most goods/services possible with limited resources 2. Economic Equity - Creating policies that promote fairness and wellbeing 3. Economic Freedom - Freedom to choose: where to live, what to buy/sell, where to work, what businesses to open 4. Economic Growth - Constant increase in the production of goods/services in your country

5. Economic Security - Protecting consumers and producers from economic risks - Ex. Loss of jobs, bank failures, natural disasters, etc…. 6. Economic Stability - Steady economic growth, high employment levels, and price stability.

What goals are attained with each situation? Explain your answers! 1. Requiring Motorcyclists to wear helmets? 2. Taxes 3. Banning red meat that is imported from Europe for fear of Mad Cow Disease. 4. New welfare rules limiting how much money people can receive.