ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The aim of economic development is to improve the material standards of living by raising the absolute level of per capita incomes. Raising per capita incomes is also a stated objective of policy of the governments of all developing countries.

Detailed explanation-2: -The main goal of economic development is improving the economic well-being of a community through efforts that entail job creation, job retention, tax base enhancements and quality of life.

Detailed explanation-3: -National economic goals include: efficiency, equity, economic freedom, full employment, economic growth, security, and stability. Economic goals are not always mutually compatible; the cost of addressing any particular goal or set of goals is having fewer resources to commit to the remaining goals.

Detailed explanation-4: -Specifically, the Congress has assigned the Fed to conduct the nation’s monetary policy to support the goals of maximum employment, stable prices, and moderate long-term interest rates.

Detailed explanation-5: -strive to achieGe a set of broad social goals, usually including economic freedom, efficiency, equity, growth, and stability.