Economic Goals and Values

By: Ian O'Connor

Economics is all around us...

When an economy is trying to have more economic growth and innovation they could be losing out on economic efficiency. When a new idea is proposed they need to make sure that is will work and they need to test it to a certain extent. When they are in the process of testing this new idea, they could accidentally be wasting goods which would interfere with economic efficiency. In the end, the economy may figure out how to use this new idea without wasting goods which would put them back on track to be achieving all of their goals.

Economic Goals of Canada

Economic Efficiency: Canada values economic efficiency within their country. They use a licensing system to maintain a good economic efficiency. The Licensing Executives Society was developed to maintain growth or new markets.

Economic Freedom: Canada values economic freedom because most countries that don’t have economic freedom suffer from crises. Canada has always valued economic freedom, in fact, it is one of the “core values”.

Economic Security and Predictability: Canada maintains a solid social security system within their country. They especially value senior citizens within their country. The Old Age Security is an organization that values the economic security of seniors.

Economic Equality: Everyone in Canada has equal opportunity to be economically sound. Anyone can start up their own business. Everyone has to same opportunity to be successful.

Economic Growth and Innovation: The economic growth in Canada helps in all areas of the economy. Canada focuses on improving conditions for investments, innovation performance, share of global trade, and a fair, efficient and competitive marketplace.

Economic Goals of Sudan

Economic Efficiency: Inconsistent enforcement of rules and regulations alter the business activity and slow down the economic efficiency. The labor market is underdeveloped. The efficiency is not good in Sudan.

Economic Freedom: The economic freedom is Sudan is not all exactly “free.” The government restricts new foreign investments in so sectors of the economy. Access to credit within the economy remains limited.

Economic Security and Predictability: The security and legal system within the country is poor. There is little respect for private property and information. This has caused years of political conflict.

Economic Equality: Most of the economy is located in Khartoum and the rest of the country is neglected. This does not show economic equality throughout the country.

Economic Growth and Innovation: The city of Khartoum has the opportunity to develop but it doesn't take advantage of this all the time. The rest of the country does not develop or innovate whatsoever.