Week 8 - Economic goals

What is inflation?

• Inflation is an social studies term that describes a general increase in prices and a fall in the purchasing power of money

• Inflation is an economic term that describes a general increase in prices and a fall in the purchasing power of money

• Inflation is an economic term that describes a general increase in prices 📈 and a increase in the purchasing power of money

• None

Define Income

• Income is when you receive any money from any source

• Income is money that comes from sources such as labor, businesses or investments

• Income is when you come in the room

• Income is a plan for spending money

Fixed income means the income that increases when prices go up.

• True

• False

Define minimum wage

• The minimum price firms are willing to pay for labour

• The minimum price unskilled workers are willing to supply their labour for

• The minimum price of labor set by governments in the labor market

• The minimum price of labour set by governments in the resource market

Minimum Wage is the ____________ rate per hour that a worker may be paid, as required by law.

• top

• maximum

• highest

• lowest

There are ...................major economic and social goals

• 7

• 4

• 3

• 5

What are TWO examples of economic freedom ?

• Guard against inflation

• Businesses are free to choose who they want to hire

• Individuals are free to choose their own occupations

• Equal pay for equal work

What is ONE example of economic efficiency ?

• Minimum wage

• Equal pay for equal work

• We determine the best use for our scarce resources

• Protection from layoff and illness

What are TWO examples of economic equity ?

• Equal pay for equal work

• Enables more people to work

• Minimum wage

• Protection from layoff and illness

"The condition of having stable income or other resources to support a standard of living" is an example of

• economic efficiency

• economic security

• economic freedom

• economic equity