American Economic Goals

7 Goals of American Economics 1. Economic Freedom High value is placed on freedom to make economic decisions From people choosing where they work to businesses choosing what they produce Cornerstone of American Economics

2. Economic Efficiency 7 Goals of American Economics The factors of production must be used wisely If resources are wasted, fewer goods and services can be produced

3. Economic Equity 7 Goals of American Economics Fairness in economics Minimum Wage – the lowest legal wage that can be paid Truth in advertising, you can not make false claims about products

4. Economic Security 7 Goals of American Economics Americans desire protection from adverse economic events Social Security – a federal program of disability and retirement benefits that cover most working people

5. Full Employment 7 Goals of American Economics People work to support themselves, most people want a system to provide as many jobs as possible Congress works to the goal of full employment like the Employment Act of 1946

6. Price Stability 7 Goals of American Economics Goal of economy is to keep prices at a stable level Inflation – a rise in the general level of prices A rise in inflation hurt both business growth and spending

7. Economic Growth 7 Goals of American Economics Most people want a better job, newer car, their own house, etc. An expanding economic system is the only way that more people can achieve these goals A growing population needs a growing economy

Future Goals As the country changes goals may change The 7 economic goals that we have today are always subject to change depending on the climate of the country Things like the environment may become a main economic goal in the future

Resolving Trade-Offs Among Goals When we work to focus on one goal, another goal may be hurt in the process When minimum wage increases, fewer employees are likely to be hired We weigh the costs of actions against the benefits and try to come up with the best course of action

A few questions to turn in Why is it important for a nation to set economic and social goals? Choose one of the economic goals. How might the ways in which this goal is met change over time? How important do you think this goal will be in 50 years? What can Americans do to influence the economic goals of the nation? How do laws against false or misleading advertising promote the goal of economic equity?