Project #30663 - Macroeconomics

Summarize these topics in 50 words each

17.5  What Is GDP?

18.3  What Is The Unemployment Rate?

source : http://facweb.northseattle.edu/thcook/dugout/book/master/macroebook.html

example of other student:

17.5 What is GDP?

GDP (Gross Domestic Product) is the dollar value of final production of goods and services. It is also used to measure expenditure and income that illustrated by the circular flow model. There are two types of GDP. First, nominal GDP is dollar evaluation using current prices over time. Second, real GDP is dollar evaluation using base prices over time. Moreover, GDP has 4 components: Consumption, Investment, Government Purchase, and Net exports. By put them together, it become a formula GDP = C + I + G + NetX

 

the second one will be about commenting an article, it needs to consist of new thoughts not only agreeing and disagreeing.Min 50 words each article.

 

article:

Hello all-

Based on what I've researched from several articles, it appears that the United States economy is in fact in the expansion phase of the business cycle.  Theunemployment rate is a big indicator to this, and this article http://www.tradingeconomics.com/united-states/unemployment-rate outlines the impact theunemployment rate has on our economy.

1.According to this article there has been a fairly steady decline in the unemployment rate since 2012, falling from 8.2% in July 2012 to 6.3% in the current month, a significant 1.9%.  Even further, May 2013 the unemployment rate was at 7.5%, dropping 1.2% in just 12 months, which indicates that is declining at a faster rate.  This piece of the economic puzzle is indicative that we have left the trough and are, in fact, expanding

 

2.The GDP in the first quarter this year grew at a 0.1% annual pace which is considered very slow compared to 2.6% in 2013. And also, exports and business investment decline according to the report released by government. When exports decrease, net exports decrease as well. And the decline in net exports can be regarded as the change inautonomous spending. When there is less exports, households would receive less income and they will consume less. According to the circular flow model, Gross Domestic Product can be treated as expenditures which is the sum of consumptioninvestment spendinggovernment purchases and net exports. As consumption decreases, exports and business investment decline, GDP would drop as well. Therefore, I think U.S. economy might stay at trough in the business cycle now

 

 

 

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