I found it interesting that places such as Japan and Vietnam had a higher Gini Index than the United States. It was shocking what I found and it was kind of unexpecting in a way. What this says about America is that we are not as equal and as powerful as so many think that we are.
Three American Groups Fighting Poverty:
FOCUS North America
Fundacion En Via of Oaxaca
Oxfam America
For Northern Burlington, the best place to donate money to fighting poverty in my opinion would be oxfam because of the support in America and globally. They help and fight poverty not only in the United States but oxfam also helps other countries such as Haiti and other countries. This would help the oxfam community grow and make donations possible to help those in need. You donate monthly and your money goes toward a good cause. "And after the earthquake in Haiti, Oxfam purchased the peanut butter and cornmeal from her group to help feed 10,000 surviving families." (oxfamamerica.org) Therefore, I would pick oxfam to be the place of donation for Northern Burlington.
Scenario #1 (Frictional)- I am fired from my job as being a civil engineerer and I am will be searching for another job dealing with computers. So I am basically going from one job to another and in the period of looking for another job I am in frictional unemployment.
Scenario #2 (Structural)- I lost my job as being a oil miner since technology has changed and oil is no longer used. Now instead of oil and gas as fuels, we have solar and wind fuel for the future. So because of the shift in techonology I had lost my job.
Scenario #3 (Cyclical)- I had a job with General Motors and because of the recession and economic fall in 2038, I lost my whole job and had to be laid off. Due to the recession I lost my job and now face the challenge of being unemployed.
Scenario #4 (Seasonal)- I am one of the few farmers left in the year 2020 and right now is the coldest winter that I have ever experienced. Because of the winter months, my job is greatly affected by this and I am currently unemployed. I lost my job because I can not produce anything in 5 feet of snow and this forces me to be unemployed until the spring, summer, and then the fall again. So, I am seasonally unemployed.
national income accounting- the bookkeeping system that a national government uses to measure the level of the country's economic activity in a given time period.
gross domestic product- The monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis
output-expenditure model- The output expenditure model tend to depreciate the currency and only temporarily raise gross domestic product and the current account surplus, although permanently raise the domestic price level
personal consumption expenditure- A measure of price changes in consumer goods and services. Personal consumption expenditures consist of the actual and imputed expenditures of households
gross investment- A measure of additions to the capital stock that does not subtract depreciation of existing capital.
nominal GDP- A gross domestic product (GDP) figure that has not been adjusted for inflation
real GDP- An inflation-adjusted measure that reflects the value of all goods and services produced in a given year, expressed in base-year prices
price index- Percentage number that shows the extent to which a price (or a 'basket' of prices) has changed over a period (month, quarter, year) as compared with the price(s) in a certain year (base year) taken as a standard.
underground economy- refers to both legal activities, such as often found in construction and services industries where taxes are not withheld and paid, and illegal activities
gross national product- is the value of all the goods and services produced in an economy, plus the value of the goods and services imported, less the goods and services exported.
business cycle- The recurring and fluctuating levels of economic activity that an economy experiences over a long period of time
expansion- The phase of the business cycle when the economy moves from a trough to a peak
peak contraction- The highest point between the end of an economic expansion and the start of a contraction in a business cycle
recession- A significant decline in activity across the economy, lasting longer than a few months. It is visible in industrial production, employment, real income and wholesale-retail trade
depression- A severe and prolonged recession characterized by inefficient economic productivity, high unemployment and falling price levels
trough- The stage of the economy's business cycle that marks the end of a period of declining business activity and the transition to expansion
leading indicators- Leading indicators are indicators in economics and finance used to predict the future
coincident indicators- Economic and financial marketindicators which tend to move in step with (1) general economic trends such as gross domestic product (GDP), employment levels, retail sales, and/or (2) financial market trends such as interest rates and stockmarket prices.
lagging indicators- are indicators in economics and finance used to measure past performance
real GDP per capita- A country's real GDP per member of the population. This may be calculated using the total population.
labor productivity- Rate of outputper worker (or a group of workers) per unit of time as compared with an established standard or expected rate of output.
productivity growth- is a measure of output from a production process, per unit of input. For example, labor productivity is typically measured as a ratio of output per labor-hour, an input
capital-to-labor ratio- The ratio of capital to labor employed in a process, a firm or an industry
capital deepening- is a term used in economics to describe an economy where capital per worker is increasing
I chose this link to use on the midterm because it talks about everthing ranging from government spending to GDP and prices. It also mentions income and gives information on the government in general.
I chose this link to use on the midterm because it is basically a dictionary. You just type in the term you want to know and it gives you the definition. (Really helpful and easy!)
This chart is very good for dipicting the business cycle by going recession and depression all the way through boom and inflation. This is a good chart but is not a visual that is too appealing because of the vagueness.
I think that this is a great graph because of all the information its presents to the reader and shows the phases that the business cycle goes through. However, I don't like because it can be confusing to the reader if they are looking at it for the first time.
This graph is very good along with all the others. I like this graph because its very concise; it shows the cycles and depicts and explains each spot where something is occuring. This is the most simple and easiest to look at and understand. There is nothing I could find to say anything bad about this graph.
I give the "BEST GRAPH OF THE ECONOMIC SEMESTER" award to graph number three for being short, sweet, and to the point. This graph is very concise and can still hold a lot of information that can be easily understood by any reader. It's also very colorful and that helps appeal to the reader as well.
The business cylce is the recurring and fluctuating levels of economic activity that an economy experiences over a long period of time. There are five stages of the business cycle which inlcude growth (expansion), peak, recession (contraction), trough and recovery. Business cycles today they are widely believed to be irregular, varying in frequency, magnitude and duration.
The business cycle is the periodic but irregular up-and-down movements in economic activity, measured by fluctuations in real GDP and other macroeconomic variables.
Contraction: A slowdown in the pace of economic activity
The lower turning point of a business cycle, where a contraction turns into an expansion
Expansion: A speedup in the pace of economic activity
I thought that the "My Humps" video and Business Cycle Rap were both funny. The "My Humps" video in my opinion was the funnier of the two, but they were both good. I thought that the most helpful video was the Business Cycle Rap because it went into more detail and explaination about the business cycle than the "My Humps" video. In all I would say that the video was more helpful than silly, they just presented the information in a creative and silly way. I would say that the website link was more helpful because you can actually read the facts and retain the information faster, in my opinion.
1. The most widely used NIPA is gross domestic product or GDP
2. Gross investment is the total value of all capital goods produced in a given country in one year as well as changes in the dollar value of business inventories
3. A price index is a set of statistics that allows economists to compare price over time
4. Indirect taxes are taxes included in the final price of goods and services
5. Per capita measures take into account changes in population
6. Without long-term economic growth, a nation's standard of living declines
7. Technology, capital goods, and education all influence productivity growth
8. The capital-to-labor ratio is the amount of capital stock available per worker
9. Capital deepening is an increase in the amount of capital goods available per worker
10. The contraction phase is a period of business slowdown
In my opinion the GDP is not as effective and efficient as some of the other indicators used in today's society. The difference between GNP and GDP is in income from foreign sources. GNP includes the value of goods and services made by U.S., however the GDP measures the value of goods and services produced only within the boundaries of the U.S. GDP includes only goods and services produced within the geographic boundaries of the U.S., so this is not as effective as other tools such as GNP. GNP includes goods and services produced by U.S. bussinesses operating in outside countries. The GDP has both pros and cons, but the GDP can be looked at as a faulty indicator in several ways. The GDP does not take domestic household prouducts or the black market into consideration. It also is not an accurate measure of the change in productivity. GDP does not consider the distribution of wealth of nations. Therefore, the GDP has faults and can be seen as a faulty indicator and I would suggest GNP.
I think that macroeconomics will be all about the economy outside the United States and deal with the whole world as a whole. The thing that interests me most about this topic is...
Technology is very important in our everyday life and is rapidly rising as the years go on.The technology has had a great influence on our class and will continue to better the education of all students.For example, computers have now offered an endless supply of information which in turn sets higher goals and makes students perform better.Technology has provided easily accessible information to any student and makes classes more diverse with the option of using various tools to incorporate into the class curriculum.Therefore, students are able to succeed more in class with the help of technology.
After watching the video of Malcolm Gladwell, I thought that the video was very interesting and intriguing. This video was very cool in looking at things at a different way as Howard did with the Campbells chicken noodle soup. He saw not just one perfect soup but a group of perfects soups. Many other companies operate this way by having a test done, review the data, and use that data to find a correlation and make a better product. If the prices are close, you select between two products based on variety/diversity and the quality of the product. This would be an example of a perfect competition market structure because the companies compete over something other than price.
Geographical- For example, if there is only one small shop in a low populated area, then this business has a monopoly over the small amount of people in the area. They can set their own prices as they please because of no other competing businesses. It would not be financially efficient for a new business to open up. So, the small shop has all the power making it a monopoly.
Technological- For example, if a business finds a cure for cancer, then the business has complete monopoly over that cure and product, therefore creating a monopoly of that product.
Natural- For example, if you had multiply businesses trying to offer a sewer service, then this would require multiply sewer lines going to the same home which is impractical and implausable. Therefore, making the sewer business a natural monopoly.
Governmental- For example, if the government owned and dictated all the water supply, then this prevents other businesses from competing with the government creating a monopoly.
If I were able to break up a monopoly, it would have to be Comcast. Now I think that Comcast is a monopoly because it is the only cable television provider in my area. So, Comcast can therefore set any price that I might not agree with. If they wanted to, they could set ridiculous prices and have them sky high. No one in the area would be able to do anything about it and would have to bow down to Comcast. So, I would want that company broken up to provide equal competition and fair prices. This would therefore benefit my family, friends, and me by having lower prices. However, I do not think that Comcast is a true monopoly but more of an oligopoly with few competing firms.
