Key Goals Of The Economy - 906 Words

In this paper today we will discuss several main topics. Some of the topics will include three main goals of the economy, what is the most difficult goal for the economy, what monetary policy options are available to policy makers in the event of a recession, and discussing opportunity costs. Three main goals of today’s economy are stable prices, full employment, and economic growth. Stable prices occur when average prices repeat over time and rise at a very low and predictable rate this is called inflation. If inflation is kept low, prices will stay the same. If a hurricane in Mississippi destroyed cotton this would cause the lead to higher prices. When you have higher prices for certain goods this can make inflationary prices in the economy. Full employment is the second main goal in the economy. You will never have full employment at one time. People are always quitting or being terminated from a job every day. The unemployment rate is a percentage of labor forces that is out of work and four percent or less is acknowledged as full employment. The unemployment rates moves from region to region and different states. For example if one states rate is higher then the national average this would cause certain companies to move out of that state. The third economic goal is economic growth. Economic growth is an increase in the amount of goods and services produced per head of the population over a period of time. It is also measured by GDP (gross domestic product), whichShow MoreRelatedDevelopment Of Global Partnership Goals750 Words   |  3 Pagesrepresentative states of the United Nations implemented the Millennium Declaration at a meeting of the General Assembly. This Declaration consisted of a set of development goals that reflect the need to eliminate poverty and support human development through the world. These goals have been named as the Millennium Development Goals (MDGs). 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The goal of pulling out of the agreement is to lift these regulations to allow American businesses to flourish and to reclaim American sovereignty. Now, this should be a goal of any administration. The Federal government should always look out for the interests of the people and put in place policies that allow businesses to thrive. Not doingRead MoreDeveloping A Countrys Economic Data1489 Words   |  6 Pagesa country’s economy which will be explained in more detail below. All these factors can be analyzed separately but they are all interconnected which is why a country’s economy is so dependent on their individual success. The government’s goal is to prioritize economic growth in order to maintain a high standard of living for its citizens. Key Economic Factors Gross domestic product (GDP), unemployment, and inflation make up the most important economic indicators for Canada’s economy. 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