AP Macroeconomics notes part 1
Subject:
Economics [1]
AP Macroeconomics Study Guide ? Version 1.00 I. Basic Economic Concepts Economic Goals 1. Economic growth ? produce more and better goods and services 2. Full employment ? suitable jobs for all citizens who are willing and able to work 3. Economic efficiency ? achieve the maximum production using available resources 4. Price-level stability ? avoid large fluctuations in the price level (inflation + deflation) 5. Economic freedom ? businesses, workers, consumers have a high degree of freedom in economic activities 6. Equitable distribution of income ? try to minimize gap between rich and poor 7. Economic security ? provide for those who are not able to earn sufficient income 8. Balance of trade ? try to seek a trade balance with the rest of the world