1. CHAPTER 2 SECTION 2

2. Seven Major Economic and Social Goals
ECONOMIC FREEDOM
The ability for Americans to choose their occupations, employers, and uses for their money
Business owners like the freedom to choose where and how they produce.
ECONOMIC EFFICIENCY
If resources are wasted, fewer good and services can be produced and fewer needs and wants can be satisfied
Higher efficiency produces a larger number of goods.
ECONOMIC EQUITY
Equal pay for equal work
It is illegal to discriminate on the basis of age, sex, race, or religion , or disability in employment
Minimum wage
Lemon Laws

3. ECONOMIC SECURITY FULL EMPLOYMENT PRICE STABILITY ECONOMIC GROWTH
Americans desire protection from adverse economic events such as layoffs and illnesses
Social Security – federal program providing benefits for the disabled and retirees for most of the working people.
FULL EMPLOYMENT
People earn an income while providing goods and services to others.
Employment Act of 1946 was passed to avoid widespread joblessness that occurred before World War II.
PRICE STABILITY
The goal is to have stable prices.
Inflation – general rise of prices which leads to people needing more money.
In a fixed income, people find it harder to pay bills and planning for the future is more difficult.
ECONOMIC GROWTH
Growth enables more people to have more goods and services.