Economic Opportunity – Chances for people to improve their standard of living through employment

To remember the meaning of the term Economic Opportunity, use the following mnemonic:

The economy size was comical but it did give us an opportunity (economic opportunity) to sell soap at a profit so we could earn money to improve our standard of living.

Economic opportunity means providing an equal chance for people to earn a living wage.

To achieve a situation in which people have this kind of opportunity, governments must ensure adequate education and training, rights for workers and an economic climate in which legitimate businesses can grow.

They must also make sure there is no discrimination or favouritism when employment is offered.

Healthcare services are also needed to ensure the working population stays fit, and a welfare system is vital for those who are unable to work.