Objective 3 Flashcards
1
Q
Sustainable growth
A
A rate of growth that can be maintained over an extended period of time given the input resources; the absence of “bubbles”
2
Q
Stable prices
A
Price-levels that do not vary widely; low inflation.
3
Q
Full-employment
A
The level of employment when the economy is utilized all its resources efficiently; no cyclical unemployment.
4
Q
Efficient economy
A
An economy that is producing the most possible out of its given resources.
5
Q
Equitable economy
A
An economy in which its citizens are satisfied with the distribution of production, wealth and income.
