Economics Simply Relates to the Term Paper

The need for the preservation of these resources is because of the fact that it is finite or limited. Abused utilization of these resources will deplete it and will eventually endanger the future inhabitants of the earth, leaving them nothing for the production of their own needs. Without the resources, there will be nothing to work on in the first place. Achievement of economic stability is the first step in order to achieve the other social goals. Since there are resources, there can be economic efficiency whereby goods can be produced at a lowest possible cost because of the availability of resources. Economic freedom or the right of a man to engage in voluntary economic activities, economic equity or justice particularly in terms of taxation and welfare economics, and economic security or security in employment can be settled between the government and the people in order to achieve them. All the other goals having been achieved, economic growth will follow whereby there will be increase in the value of the goods and services produced by an economy.Of all the social goals, economic growth can be considered as the least important in a sense that, there is no need to give priority on it because it is actually the end goal of an economy. An economy which is a continuing process of production, distribution and consumption of goods and services, having all the factors needed in such process which are availability of resources, efficient laborers and insatiable consumers, will ultimately lead to economic growth. Therefore, what the people should prioritize on are the fulfillment of economic stability, economic efficiency, economic freedom, economic equity and economic security so as to achieve economic growth......