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2.2 Evaluating Economic Performance

Chapter 2 - Economic Systems and Decision Making Section 2 - Evaluating Economic Performance
by

Jason Johnsey

on 22 January 2013

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Transcript of 2.2 Evaluating Economic Performance

2.2 Evaluating Economic Performance Standards 1.1, 1.2, 2.1, 2.2, 2.3, 2.4, 3.3, 4.2, 5.1, 6.2, 6.3
Objectives:
identify the seven economic goals
identify how the goals are related to the level of satisfaction we have with our economic system Many of you share the same goals... graduate high school graduate college get married find a great job have 2.5 kids, a dog and a big house with a tree house out back In the United States, we as a society share the same economic goals 7 Economic Goals Economic Freedom Economic Efficiency Economic Equity Economic Security Full Employment Price Stability Economic Growth freedom to choose your own occupations and use of money We want to use our limited resources wisely How might one's goal of economic freedom interfere with another's goal of economic freedom? Ones desires or actions might interfere with another's desires or actions What does efficiency have to do with the number of goods available? The more efficient we are, the more goods we are able to produce with the same amount of resources Equal pay for equal work. No discrimination based on race, sex, age, religion or disability What is the difference in equity and equality? Equity= fairness
Equality= same Unemployment benefits, workers compensation, Social Security benefits How many people have ever noticed deductions from your paycheck? What are those for? Jobs are necessary to support individuals and the economy Stable prices are necessary for a healthy economy More goods and services are available to people. Allows us the opportunity to have the better job, newer car, bigger house that is part of our goals in life How could some of these goals conflict with protecting the environment? Limiting resources could cost jobs. Regulating pollution may make businesses less efficient. This is the trade-off among goals. 7 Economic Goals
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