Broad Social Goals

what we did…

Today, we compared the difference between Command and Market economies.  We learned about the different social goals of an economy, then we aplied these goals to see which type of economy was most successful.

what i learned…

I learned the six economic goals:

1. Economic Efficiency: how well is an economy using scarce resources to produce goods.
2. Economic Equity: how fair is an economy.
3. Economic Freedom: how much freedom do consumers have as to what kind of job they have and where they spend their money.
4. Economic Growth: refers to increasing GDP (growth of about 2 -3% is reasonable)
5. Economic Security: how well an economy protects its consumers with job security, health care, etc.
6. Economic Stability: refers to stable prices, employment, and growth.