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Broad Social Goals

Broad Social Goals. Economic Efficiency. How we choose to use scarce resources to make goods and services Command : planners usually by government Market : consumers tell producers. Economic Growth. Increase the amount we produce as a country each year How do we measure growth?

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Broad Social Goals

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  1. Broad Social Goals

  2. Economic Efficiency • How we choose to use scarce resources to make goods and services • Command: planners usually by government • Market: consumers tell producers

  3. Economic Growth • Increase the amount we produce as a country each year • How do we measure growth? • GDP: Gross Domestic Product The amount of goods and services produced in a country that year • How much do you want it to grow? • 3-4% • Command: Set by quotas • Market: profit driven

  4. Economic Equity • Equity-Fairness • Fairness in income and wealth • Command: Pay set by government • Market: You can fail, you can succeed

  5. Economic Freedom: • How to choose job, spend or save money, open business, etc. • Command: government owns capital, little freedom • Market: have freedom, private property

  6. Economic Stability • Stable prices and employment • Command: No unemployment-government gives jobs and sets prices • Market: will have unemployment • Standard of Living: average value of the goods and services used by the average citizen

  7. Economic Security: • Protect consumers and businesses • Command: People get pensions, etc • Market: You have to save your pension

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