1. Economic Goals and Societal Values
Economic questions are answered based on the importance of the following goals.
Keep in mind that to achieve these goals you might have to sacrifice, to some degree, another goal.

2. Economic Efficiency Making the most of resources
Resources are scarce
Example: producing records when people want CD’s

3. Economic Freedom
Freedom from government intervention in the production and distribution of goods and services
Patriotism
The love of one’s country; the passion that inspires a person to serve his or her country

4. Economic Security and Predictability
Assurance that goods and services will be available, payments will be made on time, and a safety net will protect individuals in times of economic disaster.
Safety Net
Government programs that protect people from experiencing unfavorable economic conditions
Social Security, Unemployment, Welfare

5. Economic Equity Fair distribution of wealth
Should everyone get the same?
How much should society provide to those who are unable or unwilling to produce?

6. Economic Growth and Innovation
Innovation leads to economic growth, and economic growth leads to a higher standard of living.
Standard of Living
Level of economic prosperity

7. Other Goals Societies pursue additional goals. Examples
Environmental protection
Full Employment
Universal medical care

8. Activity
In the United States, anyone who is willing to learn and work hard can get to the top, regardless of family background or income.
Economic Equity, Economic Freedom

9. All American citizens, regardless of income level, should be guaranteed an adequate level of health care.
Economic Security, Other goal
Do you agree?

10. An employer who can increase productivity by firing an older worker and hiring a younger worker should be allowed to do so. The company would be more profitable, and the national economy will be more competitive.
Economic efficiency
Do you agree?

11. The minimum wage should be increased because a person can’t live on what the minimum wage is now, even if he or she works 40 hours a week.
Economic Equity
Do you agree?

12. “Scalping” tickets for plays, concerts, and athletic events exploits consumers and should be illegal.
Economic freedom
Do you agree?

13. In a market system, a person is entitled to earn as high an income as possible with no government restrictions.
Economic Freedom
Do you agree?