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Chapter 2

Chapter 2 . Section 2 Economic and Social Goals. 1. Economic Freedom a. Freedom to choose a job b. choose what and where to produce 2. Economic Efficiency a. use resources wisely 1. labor 2. material 3. capital. 3. Economic Equailty a. Equal work b. Equal pay

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Chapter 2

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  1. Chapter 2 Section 2 Economic and Social Goals

  2. 1. Economic Freedom a. Freedom to choose a job b. choose what and where to produce 2. Economic Efficiency a. use resources wisely 1. labor 2. material 3. capital

  3. 3. Economic Equailty a. Equal work b. Equal pay This can clash with #1 economic freedom 4. Economic Security a. protection from layoffs b. protection from illness

  4. 5. Full Employment a. should be no lower than 5% 1. est. 5% of workforce is switching jobs 2. Less than 5 inflation rises 6. Price Stability a. keep inflation to a minimum b. if it is to high, business stagnates 7. Economic Growth a. as the pie gets bigger we become wealthier

  5. Which slice do you want? 25% of Nike 2010 25% of Nike 1980

  6. Trickle down Economics- Reaganomics 1. Deregulate certain industries to promote growth and competition a. Telephone- Bell – to baby Bell- to At&T, Sprint, Verizon,etc. b. Airlines- 4major- to 0ver 20 – to low teens c. Power Companies 2.Spin off industries A. Music b. Television- stations, cable, dish

  7. Trickle down Economics- Reaganomics 3. Theory of Reaganomics- if you give money and promote industry at the highest levels- the wealth will trickle down to the average consumer- History tells us it has mostly been successful Reagan felt that giving the money to the avg. individual is bad, they would blow the money not invest a. negatives 1. can and has lead to greed in companies 2. not every sector of the public benefits 3. some old critical jobs are lost

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