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Governments set economic objectives - Discuss the relative importance of each of these objectives - Can governments meet all these targets at once
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Q. Governments set economic objectives. Discuss the relative importance of each of these objectives (discussed so far). Can governments meet all these targets at once? The economic objectives the UK government aims to achieve, which have been discussed so far, include maintaining a low level of unemployment, price stability and steady level of inflation and high yet sustainable levels of economic growth. Each economic objective will be analysed in turn and discover its importance in the UK economy. Unemployment measures the amount of people that are actively seeking employment at a point in time. Typically in the UK, unemployment is measured by the number of people claiming benefits, even though there are other techniques of measuring unemployment. Equilibrium in the labour market exists when the demand for labour is equal to the supply of labour. Figure 1.0 - Labour market in equilibrium Even in equilibrium, there may be some level of...
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