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.
Website Link: http://useconomy.about.com/od/glossary/g/business_cycle.htm
Thursday, December 23, 2010
Post 13: Quiz Information
10 Things That I learned from the Quizes:
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
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
Post 11: GDP Letter
Dear Editor,
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.
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.
Wednesday, December 22, 2010
Post 11: GDP Calculation
GDP can be determined by three major factors which includes the product input, product output, and the expenditure.
GDP = private consumption + gross investment + government spending + (exports − imports)
GDP = C + Inv + GS + (eX - iM)
GDP = private consumption + gross investment + government spending + (exports − imports)
GDP = C + Inv + GS + (eX - iM)
Post 10: React to Reading
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...
Tuesday, December 21, 2010
Post 9: 100 Word Essay
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.
Monday, December 20, 2010
Malcom, My Hero Video Response
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.
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