gcse economics - the big picture: introducton & government objectives
THE BIG PICTURE - KEY QUESTIONS
• WHAT ARE THE ECONOMIC TARGETS OF THE GOVERNMENT?
• HOW CAN WE AVOID A CRIPPLING RECESSION?
• WHY ARE SO MANY PEOPLE ON THE DOLE?
• WHAT MAKES THE ECONOMY OF RIPLEY AND THE UK BIGGER?
• WHY DO WE WANT TO AVOID HIGH INFLATION?
Government Objectives and Targets
Four main targets:
- Low unemployment – lots of people in work
- Low and steady inflation – prices and wages fairly stable
- Steady and sustainable economic growth (%change in GDP) – the economy to grow a little bit each year
- A positive balance of payments – to export more than we import
Two other possibles:
- To reduce inequality in the country – to redistribute income and wealth in order to help the poor
- To protect the environment – to avoid pollution and congestion
These GCSE Economics revision notes have been kindly provided by Peter Davies of Mill Hill School, Ripley
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