A number of economic goals or value judgments are accepted in the society. These goals may be briefly listed as follows.
a) Economic growth: The
production of more and better goods and services, or more simply stated a
higher standard of living, is desired.
b) Full employment: Suitable jobs
should be available for willing and able to work.
c). Economic efficiency: All want maximum benefits at minimum, cost form the limited productive
resources available.
d) Price level stability: Sizable upswings or downswings in the general price level, that is,
inflation and deflation, should be avoided.
e) Economic freedom: Business
executives, workers, and consumers should enjoy a high degree of freedom in
their economic activities.
f) An equitable distribution of income: No group of citizens should face stark poverty while others enjoy
extreme luxury.
g) Economic security: Provision should be made for those who are chronically ill, disabled,
handicapped, laid off, aged, or otherwise unable to earn minimal levels of
income.
h) Balance of trade: Economists
seek a reasonable balance in international trade and financial transactions.