What are the 4 criteria's for Economic Policy
ECONOMIC POLICY Four criteria are: 1. Efficiency 2. Equity 3. Growth 4. Stability Efficiency - In economics, allocative efficiency. An efficient economy is one that produces what people want at the least possible cost. Equity- Fairness. Economic growth- An increase in the total output of an economy. Stability - A condition in which national output is growing steadily, with low inflation and full employment of resources. Economic growth occurs when society produces more, either by acquiring more resources or by learning to produce more with existing resources. Improved productivity may come from additional capital or from the discovery and application of new, more efficient techniques of production.