1. Chapter Two: Economic Systems
Economic Goals pp

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

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

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

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

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

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