Economics

Choose two economic goals that are incompatible, and write an analytic essay of four to five paragraphs that describes these goals, explaining why they are incompatible and making a case for favoring one over the other in a specific situation. Be sure to include a thesis statement and evidence to support your argument, including an example.

Two economic goals that are incompatible are security and efficiency. These goals can be incompatible in many different ways and in certain situations, but not all the time.

The goal of security seems pretty straightforward. Essentially, security is having a backup plan and being prepared in case something goes wrong. An example of pursuing the economic goal of security would be stocking up on supplies in anticipation of disaster, or setting aside money in a safe or bank. If nothing ever goes wrong, you won’t need what was acquired pursuing security, but it’s still there just in case.

The goal of efficiency is also quite straightforward. Efficiency is saving and using resources in a way that isn’t wasteful. Being efficient with resources is a very important thing to do, and can be extremely helpful in planning for the future, maximizing profit, etc. An example of being efficient would be cooking hamburgers over a grill. Cooking the hamburgers one at a time is very inefficient. It wastes time, effort, and possibly fuel, depending on the type of grill one has.

Efficiency and security are incompatible at times. If a large storm is coming, one might prepare for the loss of electricity by buying candles and stocking up on non-perishable goods. This fulfills the goal of security, because extra help is there if needed. However, if the storm blows over or electricity is otherwise kept, the goal of efficiency is not fulfilled. Time, money, and effort have been wasted on buying the candles and non-perishable goods. If one tries to fulfill the goal of efficiency in a situation like this, they may not have the security...