| A | B |
|---|
| minimum wage | lowest legal wage that can be paid to most workers. |
| adverse | unfavorable or harmful |
| social security | federal program of disability and retirement benefits that covers most working people. |
| medicare | fedeal health insurance program for senior citiizens, regardless of income. |
| inflation | A rise in the general level of prices |
| fixed income | income that does not increase over time. |
| accomodate | To allow for |
| Economic Freedom | The freedom to make your own economic decisions such as choosing your own occupations, employers, and uses for your money. |
| Economic Efficiency | Resources are scarce and the factors of production must be used wisely. If resources are wasted, fewer goods and services can be produced, fewer wants and needs can be satisfied, and fewer resources can be left for future generations. |
| Economic Equity | Americans have a strong tradition of justice, impartiality, and fairness. Things such as equal pay for equal work and the minimu wage are part of this goal. |
| Economic Security | Americans want protection from such adverse economic events as layoffs, illness, injuries or disabilities that prevent them from being able to work. Social Security and medicare are two examples of programs that were created from this goal. |
| Full Employment | Most people want their economic system to provide as many jobs as possible. This goal became law when congress passed the Employment Act of 1946 in an efoort to avoid the joblessness that the country had faced during the great depression. |
| Price Stability | This goal relates to the importance of having stable prices. When inlfation occurs, workers need more money to pay for food, clothing, and shelter. |
| Economic Growth | This is a major goal of most Americans that enables more people to hav emore goods and services. It is and individual goal as well. Most peopl hope ot have a better job, newer car, thier own home, and a number of other things in the future. |
