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Goals and Description Matching

Match each goal to its description.

Goals:

  1. Equitable Distribution of Income
  2. Price Stability
  3. Economic Security
  4. Full Employment
  5. Economic Freedom
  6. Balance of Trade
  7. Economic Efficiency
  8. Economic Growth

Description:

  • More goods and services are produced as time passes.
  • The difference in value over a period of time between a nation's imports and exports of goods and services.
  • The idea that resources are scarce and therefore, they must be used wisely.
  • The freedom of consumers to decide how they want to spend their money; the freedom of workers to decide what they want to do for a living; the freedom of individuals to establish businesses of their choosing; and the freedom of savers to decide when and where to invest their savings. The idea that resources are scarce and therefore, they must be used wisely.
  • All of an economy's resources are being used to their fullest extent.
  • The absence of inflation or deflation.
  • Protection against economic risks, such as unemployment, accidents on the job, business failures or natural disasters, over which people have little or no control.
  • Economic policy that follows our concepts of what is fair and what is unfair

Answers:

  1. More goods and services are produced as time passes.

    Answer: Economic Growth

  2. The idea that resources are scarce and therefore, they must be used wisely.

    Answer: Economic Efficiency

  3. The difference in value over a period of time between a nation's imports and exports of goods and services.

    Answer: Balance of Trade

  4. The freedom of consumers to decide how they want to spend their money; the freedom of workers to decide what they want to do for a living; the freedom of individuals to establish businesses of their choosing; and the freedom of savers to decide when and where to invest their savings. The idea that resources are scarce and therefore, they must be used wisely.

    Answer: Economic Freedom

  5. All of an economy's resources are being used to their fullest extent.

    Answer: Full Employment

  6. Protection against economic risks, such as unemployment, accidents on the job, business failures or natural disasters, over which people have little or no control.

    Answer: Economic Security

  7. The absence of inflation or deflation.

    Answer: Price Stability

  8. Economic policy that follows our concepts of what is fair and what is unfair.

    Answer: Equitable Distribution of Income