Trade-offs, Social vs. Economic Goals

In a country as diverse as the United States, people share many broad economic and social goals. The following is a short list of examples:

• Economic Freedom
• Economic Equity
• Economic Security
• Price Stability
• Healthy Living Conditions

While these goals are important, they can often conflict with one another.

Objectives:

• Evaluate the trade-offs among economic and social goals
• Fashion a compromise between social and economic goals.

Today we looked at how goals such as economic equity and full employment might conflict (i.e. minimum wage). To accomplish this task, the class separated into three groups representing: Shareholders/owners, labor/workers, community members. Each of these groups was presented with a list of legislative measures and asked to analyze it’s impact upon their interests. After measuring the potential impact the group either endorsed, modified, or rejected the initiative. The class discussed the group viewpoints but did not reach any final decisions (illustrating the difficulty of compromise and strength of self-interest).

Special Note:

The class received a special visit from Mrs. McCrory (TCP Assistant Director).  The purpose was to provide FAFSA forms and information regarding financial aid for college. The deadlines are rapidly approaching (CA Initial Awards - March 2, 2009). Far too few students realize that there is a large amount of economic  help available for college, if they complete the necessary forms in a timely fashion.

Homework: None tonight.