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Economics Overview

Economics is the study of interactions between consumers, producers, and the government. The ultimate goal of our economy is to reduce the unemployment rate to 0%. Our economy is made up of different socio-economic goals intended to help create a more stable, safe, and prosperous economy. There are a few different kinds of economies, including market, mixed market, and command. A market economy has no government influence, a mixed market has some government involvement, and a command economy is completley controlled by the government.

The Buisness Cycle

The buisness cycle is a measure of the expansions and contractions of the economy over time. an expansion is a time of increased employment, and economic growth, a peak is the point where the economy stops growing. a contraction is a time of inc reased unemployment, and economic downfalls, a trough is the lowest point before the economy expands again. a healthy economy will have both expansions and contractions, because it is impossible for an economy to just expand. You can tell that the economy is growing when each peak is higher then the last, not just based on how long the expansion period is.

Socioeconomic Goals

Certain goals are prioritized in our economy. a few of these are equity, economic freedom, stability, productivity, education, and national defense. Equity reffers to having equitable distribution of wealth among citizens. Economic Freedom is the ability to choose what to buy and sell, and where to work and live. Stability is promoting a steady economic growth with no sudden swings or drops. productivity is the use of limited resources to produce goods and services that are in demand. Education is the ability to provide a quality education to create effective and productive citizens. National defense is protecting the nation, its people, and its economic interests against attack.