1. Fill out the chart below by listing and describing the five economic goals.

Micro: efficiency and equity
Macro: full employment, stability and growth.
Economic efficiency -when all goods and factors of production in an economy are distributed or allocated to their most valuable uses and waste is eliminated or minimized.

Economic Equity- process of being fair in economy which can range from concept of taxation to welfare in the economy and it also means how the income and opportunity among people is evenly distributed.

Full employment is economic situation in which all available labor resources are being used in the most efficient way possible. Full employment embodies the highest amount of skilled and unskilled labor that can be employed within an economy at any given time.

Economic stability enables other macro-economic objectives to be achieved, such as stable prices and stable and sustainable growth. It also creates the right environment for job creation and a balance of payments.

Economic growth-the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. Statisticians conventionally measure such growth as the percent rate of increase in real gross domestic product, or real GDP.