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This 3-page paper focuses on and discusses the five economic goals that governments and society strives for. Biblliography lists 2 sources.
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3 pages (~225 words per page)
File: D0_MTecongoal.rtf
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make choices on how and where to allocate scarce resources to satisfy unlimited wants (Investopedia, 2008). Within that definition, there are five
goals of a mixed economy, that is desired by society and that governments pursue through various economic policies (AmosWeb, 2008). These goals are full employment, stability, economic growth, efficiency and
equity (AmosWeb, 2008). These goals are divided between microeconomics and macroeconomics. The two that are most important for microeconomics are efficiency
and equity, while the three put into macroeconomics are employment, stability and economic growth (AmosWeb, 2008). On the microeconomic side, efficiency
comes about when society obtains the greatest amount of satisfaction from resources already available (AmosWeb, 2008). The difficulty is that most economies have limited resources, but the problem with scarcity
can best be dealt with when limited resources can be used to satisfy as many demands as possible (AmosWeb, 2008). Equity
is also a nice goal to achieve - it happens when income and wealth are evenly distributed in society (AmosWeb, 2008). The question comes up, however, in what constitutes "even
distribution." Some state that equity is achieved when everyone has the same income and wealth (AmosWeb, 2008). Some believe that equity comes about when people receive income and wealth based
on their production (AmosWeb, 2008). Then there are those who believe that equity comes about when a person has the income and wealth he/she needs (AmosWeb, 2008).
For purposes of this discussion, we like the latter definition best. Not everyone is going to have the same needs or wants, and therefore
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