Economic Goals Chapter 2 Lesson 2

Objective --Describe the basic economic goals in the US

1. Economic Freedom --People can choose their occupation, employer & uses of their money

2. Economic Efficiency --Use the 4 factors wisely --i.e.—do not waste resources

3. Economic Equity -- = pay for = work -- have a larger middle class -- illegal to discriminate based on: -- = pay for = work 1. age 4. religion 2. gender 5. disability 3. race

Income inequality in the US

4. Economic Security --protection against illness insurance --layoffs Unemployment comp --retirement social security & Medicare

Social Security

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 g & s --increase in GDP --the “American Dream”

Assignment You are going to write the Kahoot It questions for review. You must write 6 multiple choice questions 3 on economic systems and 3 on the goals of the US. You must include answer choices for A B C and D.