The 7 Economic Goals

Many Native American tribes were known for using the entire animal rather than just the muscle meats. Excess body fat was rendered into lard. All the insides, such as heart, kidneys and liver, were prepared and eaten, roasted or baked or laid out in the sun to dry. The lungs were not cooked, just sliced and hung up to dry. Intestines were also dried.

This example best portrays which of the economic goals?

• economic freedom

• economic efficiency

• economic growth

• economic security

You have wanted an iPhone 12 since they announced that it will be released in October 2020. You save your money to buy one, even though your Galaxy S8 works just fine.

Which economic goal does this example best define?

• security

• equity

• price stability

• freedom

A Swedish citizen living in Stockholm was struck by a car on their bicycle commute to interview for a new job. Luckily they won’t have to pay the medical bills since the Swedish health care system is mainly government-funded and decentralized (although private health care also exists). They even gave her the prescriptions at no cost!

• equity

• security

• freedom

• efficiency

You finally opened your new restaurant last year and business is booming. It's been so busy every day that you recently had to hire 10 more employees and expanded to open up a patio on the roof with additional seating.

• efficiency

• growth

• security

• price stability

the desire to use resources to gain the most production at the lowest opportunity cost

• economic equity

• price stability

• economic efficiency

• full employment

A sense of economic fairness and justice

• economic security

• economic efficiency

• economic equity

• economic freedom

The desire of consumers and producers to make their own decisions

• economic freedom

• price stability

• economic growth

• economic efficiency

Preventing rapid inflation or deflation

• economic growth

• economic freedom

• price stability

• full employment

The desire to help people attain their basic needs

• economic security

• economic growth

• economic efficiency

• economic freedom

Social Security, Medicare, Medicaid, unemployment insurance and welfare programs (like SNAP & Pell Grants for education) are all meant to provide which economic goal?

• freedom

• security

• growth

• full employment