Velarde, Jessa Mae I.

February 10, 2022

Assignment:
Give 3 economic goals/programs that should be prioritized

Economic development is a term that refers to a set of coordinated measures

conducted with the goal of achieving economic advancement in a certain location. It is
the process of a community's wealth being created and maintained. Every community
has its own set of advantages that can be utilized to attract businesses and investment.
A developed economy is one that is found in a developed country with a high level of
economic growth and security. Globalization frequently aids developing economies in
achieving higher levels of wealth and living standards. The United States, Canada, and
most of Western Europe, including the United Kingdom and France, are examples of
developed economies. Different goals were employed by these countries to construct
their economies, and each aim is essential because it helps people assess whether an
economic system serves their requirements and promotes society's general well-being.
Economic growth
The gross domestic product (GDP) is a metric that measures how much the economy's
overall production of goods and services is expanding (GDP). To better meet the wants
and needs of an expanding population, economic expansion is required. It is a
significant economic aim since it implies greater material abundance and the ability to
address the challenge of economizing. Aside from that, expansion helps to alleviate the
effects of shortage.
Stable prices
The degree to which price movements are predictable and mild is referred to as price
stability. When the price of products and services rises rapidly, the value of money falls,
and it costs more to acquire the same things. This is known as inflation. When inflation
is kept low, prices are kept constant. Long periods of high inflation or deflation, on the
other hand, have a detrimental impact on the economy. As a result, price stability
promotes economic efficiency through a variety of channels, ensuring that the economy
grows, employment are secure, and you can rest assured that the money in your wallet
will be worth roughly the same tomorrow as it is today.
Full employment
Full employment refers to the extent to which those who are competent and willing to
work can obtain work, even if it is not guaranteed. Many individuals are unemployed
during this pandemic, and unemployment is a major cause of poverty, stress, and
societal difficulties. It will minimize inequality and prevent relative poverty for those who
are unemployed with the support of full employment. Full employment will boost
company and consumer confidence, resulting in stronger long-term growth. In other
countries, however, total full employment is impossible to accomplish; people are
quitting their jobs or are unable to work for a variety of reasons at any given time.
This three economic goals that I listed is just what I think the best to develop the
economy. It still depends on what will be the effective goal in every country and it also
depends on the goals of a society.

Reference:
https://www.cliffsnotes.com/study-guides/american-government/economic-policy/the-goals-of-
economic-policy
https://www.ecb.europa.eu/pub/pdf/other/whypricestability_en.pdf
https://globaledge.msu.edu/blog/post/55555/why-aim-for-full-employment
http://www2.harpercollege.edu/mhealy/eco212i/lectures/ch8-18.htm#:~:text=Growth%20is
%20an%20important%20economic,lessens%20the%20burden%20of%20scarcity.