CH. 2 SECTION 2 NOTES:
Economic Freedom: We are free to buy and sell whatever we like. We can have whatever career we want.
Economic Efficiency: We can’t waste materials, especially natural resources.
Economic Equity: All people regardless of gender, religion, race, disability, need to be treated the same. Ex: Minimum wage
Economic Security: People need to feel protected from things like being laid off for the wrong reasons. Ex: social security- it helps people who are elderly/disabled.
Full Employment: We need everyone able to be able to work so that they can spend money. That’s what keeps the economy going.
Price Stability: We need prices to stay close to the same and not go up or down too drastically. This is especially important for people on fixed incomes.
Economic Growth: The economy needs to continue to get better so that people can continue to buy more.