LESSON 2: SS1 WEEK 2 BASIC ECONOMIC PROBLEMS AND GOALS OF THE SOCIETY Every society strives to achieve so many economic objectives in attempt to satisfy the unlimited wants of its members. All economic systems are faced with myriads of problems which basically arose from the scarce nature of productive resources. However, they strive to set economic goals and work to achieve them. ECONOMIC GOALS OF THE SOCIETY Every economic system strives to achieve 1. Full employment of resources 2. Equitable distribution of income 3. Economic efficiency 4. Economic security 5. Price stability 6. A steady economic growth. ECONOMIC PROBLEMS OF THE SOCIETY All economic systems are faced with the problems of 1. SCARCITY: resources are limited in relation to unlimited wants 2. CHOICE: deciding what is good for a system is an economi...