Efficiency is when a market that is guided by the invisible hand is able to capture all of the possible consumer and producer surplus. When all surplus is realized it is then that we can say a market is efficient. However, efficiency is not the only goal of an economic policy maker. Policy makers are equally as concerned about equality. The benefits in the market from trade can be viewed as a pie. Efficiency determines the size of that pie while equality equates to how the pie is sliced.
stable productivity
achieving full employment
The goal of a federal economic policy is to create a healthy economy in the country that benefits every citizen. The goals of federal economic policy include: maintain stable prices, full employment, economic growth.
making the most of resources
Economic efficiency.
stable productivity
achieving full employment
The goal of a federal economic policy is to create a healthy economy in the country that benefits every citizen. The goals of federal economic policy include: maintain stable prices, full employment, economic growth.
making the most of resources
maintain stable prices, full employment, economic growth
Economic efficiency.
An economic goal typically pertains to objectives like growth, efficiency, and equity. A goal that is not economic might be something like promoting artistic expression or enhancing community well-being. While these can have economic implications, they do not directly relate to traditional economic metrics or objectives.
providing welfare benefits
To increase output
creating trade agreements
The economic development of Liberia is tired up with two key commodities namely
The common goal of both the Open Door Policy and Dollar Diplomacy was protecting economic interests.