1. Economic Goals

2. Economic Goals
criteria for evaluating the performance of the economic system (or parts of the system) and for examining the usefulness of new as well as existing programs.

3. Economic Freedom
Freedom from government intervention in the production and distribution of goods and services

4. Economic Growth increase in the productive capacity of the economy
Innovation that leads to growth, and economic growth leads to more material possessions
Standard of Living
Level of economic prosperity, measured by material well-being

5. Efficiency
insuring optimal utilization of scarce resources; prevention of waste of the nation’s resources; and getting the most out of available resources
Making the most of resources
Wasting is not in a society’s self interest

6. Equity
people in the society consider the distribution of resources and wealth to be fair

7. Full Employment
a country’s resources – including workers and capital – are utilized to capacity (Unemployment no higher than natural unemployment rate of about 5%)

8. Security
protection against economic risks (e.g. unemployment, destitution in old age, business failure, bank failure, drastic price changes)
a. We want to know that goods and services (payments too) will be available
b. Safety Nets
Government programs to protect people experiencing unfavorable economic conditions

9. Stability prices do not fluctuate rapidly little or no inflation
no deflation.