ECONOMIC SYSTEMS DECISION MAKING PART TWO ECONOMIC SOCIAL

ECONOMIC SYSTEMS & DECISION MAKING (PART TWO)

ECONOMIC & SOCIAL GOALS: SEVEN KEY GOALS Americans share certain economic and social goals, which form the basis of public policy. Election campaigns are often decided on which candidate has the best plan to address these goals and provide Americans with a better life and a brighter future.

GOAL #1: ECONOMIC FREEDOM AMERICANS TRADITIONALLY PLACE A HIGH VALUE ON THE FREEDOM TO MAKE THEIR OWN DECISIONS— SUCH AS WHAT THEY INTEND TO DO WITH THEIR LIVES.

GOAL #2: ECONOMIC EFFICIENCY MOST PEOPLE RECOGNIZE THAT RESOURCES ARE SCARCE AND THAT THE FACTORS OF PRODUCTION MUST BE USED EFFICIENTLY—THINK OF THIS AS GETTING THE BIGGEST BANG FOR ONE’S BUCK!

GOAL #3: ECONOMIC EQUITY AMERICANS HAVE A STRONG TRADITION OF JUSTICE, IMPARTIALITY & FAIRNESS—AT THE NATIONAL LEVEL, WE HAVE ESTABLISHED THE MINIMUM WAGE, WHICH IS THE LOWEST WAGE THAT CAN BE PAID TO WORKERS.

GOAL #4: ECONOMIC SECURITY AMERICANS WANT TO BE PROTECTED FROM ADVERSE EFFECTS SUCH AS LAYOFFS AND ILLNESSES. CONGRESS ESTABLISHED SOCIAL SECURITY TO PROVIDE WORKERS WITH MINIMUM RETIREMENT BENEFITS.

GOAL #5: FULL EMPLOYMENT MOST PEOPLE WANT THEIR ECONOMIC SYSTEM TO PROVIDE AS MANY JOBS AS POSSIBLE SO CONGRESS PASSED A LAW IN 1946 SETTING FULL EMPLOYMENT AS A GOAL TO BE WORKED TOWARD TO MINIMIZE JOBLESSNESS.

GOAL #6: PRICE STABILITY ANOTHER GOAL IS STABLE PRICES. IF INFLATION, A RISE IN THE GENERAL LEVEL OF PRICES OCCURS, WORKERS NEED MORE MONEY TO PAY FOR BASIC NECESSITIES AND THOSE ON A FIXED INCOME SUFFER.

GOAL #7: ECONOMIC GROWTH THE FINAL GOAL IS ECONOMIC GROWTH ENABLES MORE PEOPLE TO HAVE MORE GOODS AND SERVICES. GROWING THE ECONOMIC MEANS A RISING LEVEL OF PROSPERITY WHICH BENEFITS MOST IF NOT ALL AMERICANS.