Chapter Two: Economic Systems Economic Goals pp. 25 - 27

Economic Efficiency a. Resources are SCARCE b. Maximize production with minimal waste

Economic Freedom People want to make their own choices Work where we want Open a business if we want Own property if we want

Economic Security “Knowing” that goods and services will be available “Knowing” paychecks will be good “Knowing” money will keep its value

Economic Security Providing a safety net The government tries to provide some security in case of hard times. food stamps social security welfare

Economic Equity (fairness) How much SHOULD each person receive? What do we do (or not do) for those unable to work?

Economic Growth Producing more goods and services Because as the population grows, so must supply