1.4.1 Prioritizing Economic Goals

Question 1

1.4.1 Prioritizing Economic Goals

Economic freedom claims that

Answer 1

the most important thing is individual choice, and no matter what, government policy should not constrain choice.

Question 2

Economic growth values increases in

Answer 2

productivity and output above all else.

Question 3

Efficiency ensures an optimal use of

Answer 3

scarce resources. The aim is to prevent waste of national resources

Question 4

The economic goal of equity focuses on the fair and equal

Answer 4

treatment of all citizens.

Question 5

The goal of full employment tries to maximize the

Answer 5

total number of employed citizens.

Question 6

The goal of security prioritizes

Answer 6

protection against economic risks .

Question 7

Economic stability restricts change, often at the cost of

Answer 7

growth, but avoids decline.

Question 8

While some goals work together, others are

Answer 8

in conflict. if we emphasize freedom some level of security must be given up. on the flip side, supporting full employment encourages efficient use of resources.

Question 9

Market Driven vs Non Market Goals

Market driven goals help to develop the

Answer 9

free market, increase private spending, reduce corporate tax to entice large companies to Canada

Question 10

Non market goals help to improve the lives of citizens by

Answer 10

increasing spending on healthcare, social security ect. these do not encourage market activity but still help the people.