Economics is the social science that studies the production, distribution,
exchange, and consumption of goods and services. The study of economics focuses on
how individuals, corporations, and societies choose to use the scarce resources provided
by nature and previous generations.
The first Goal that I learned about was Economic Efficiency which in economics
is the relationship between an individual's interests and the interests of the group. Under
some circumstances, there is conflict; under others, there is harmony between self-
interest and group interest. Once one understands the economic theory of consumer
behavior and the theory of the firm, one can come back to the invisible-hand question the
question of whether individual action serves the good of the group using the concept of
The Second Goal I learned about was Income Equity, which I found out, was
when a countries total output is distributed fairly. In my articles I saw how income was
gained and how it was lost, and the various effects that it had on our economy, and the
changes it had on our individual money.
Inflation and Price Stability is the average price of goods and services--in the
"cost of living." Inflation and the risk of inflation encourage certain types of spending
and investment decisions. A situation where inflation is low enough so that it no longer
affects people's economic decisions is referred to as price stability. The most widely used
measure of inflation is the consumer price index (CPI). It reflects changes in the price of
a representative "basket" of goods and services sold in Canada: food, housing,
transportation, furniture, clothing, recreation, and other items that Canadians buy. What I
learned was that the inflation rate is expressed as a percentage increase in average prices
over a year. For example, if the cost...