Monday, January 24, 2011

Post 25

America on the Ginni index is 40.  People my think that we are the best country to live in and that we have no problems.  However, this is completely untrue. Especially now with the way our economy is we are struggling to stay a float. For example comparing us to nations in Europe that we believe we are equal to, why are they are so low on the Ginni Index however we are so high? Are government needs to think of plan quick to help or countries economy get stronger before we fall off the deep end.

Post 24

  Structural Unemployment- I decided to be a milk man. However, they stopped having people going around delivering and instead they started selling it in stores.  So now I am structural Unemployed.
          Seasonal Unemployment- I always have been a fan of being on the beach.  I decided to be a lifeguard; however there is only one season of the year that you can be a lifeguard.  During the spring, fall, and winter they don’t need me so I am seasonal unemployed.
            Frictional Unemployment- Right after college I had earned my degree in teaching, however after a couple of years of being a teacher I decided that I want to higher my education.  I started to take night classes and now have my Dr. Degree.
            Cynical Unemployment- Because of the economy and the budget cut for teachers.  I was about to get ten year but they needed to lay off teachers and I was one of them.  I am now cynical unemployed.

Wednesday, January 19, 2011

Post 22- Quiz's

Quiz 1- FACTS:
       1.) In 2000 some 1.1 million people were marginally attached workers.
       2.) Discouraged workers are a subset of marginally attached workers.
       3.) Underemployment represents wasted resources and lost output.
       4.) Anyone who is not classified as either employed or unemployed is considered not a part of the labor force.
       5.) Some unemployment is unavoidable and a natural part of a healthy economy. Economists consider an unemployment rate of about 5 percent to represent full employment.

Quiz 2- FACTS

      1.) Aggregate supply is the total amount of goods and servuces that are produced throughout the economy.
      2.) Inflation is the increase of average price level of all products in an economy.
      3.) Deflation is the decrease in an average price level of all goods and services in an economy.
      4.) To measure the price level, economists cconstruct a price index.
      5.) Economists use price indexes to calculate the inflation rate.

Quiz 3- FACTS:

         1.) Income inequality in the U.S. had become greater than in any other large industrialized country in the 1990's.
         2.) In 2000 the poverty threshold for a family of four was $17,761.
         3.) In 1999 the poverty rate was 11.8 percent.
         4.) The Lorenz Curve is used by economists to measure the amount of inequality in the distribution of income.
         5.) The Gini Index is another statistical measure of income inequality.

Tuesday, January 18, 2011

Post 21

National Income Accounting: A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, that includes gross domestic product (GDP), gross national product (GNP), and net national income (NNI).
Gross Domestic Product: is the measure of an economy that was adopted by the United States in 1991; the total market values of goods and services produced by workers and capital within a nation's borders during a given period (usually 1 year)
Output expenditure model: total output responds to the demand for it.
Personal Consumption expenditure: the component statistic for consumption in GDP collected by the BEA. It consists of the actual and imputed expenditures of households and includes data pertaining to durable and non-durable goods, and services
Gross Investment: the measure of investment used to compute GDP. This is an important component of GDP; it provides an indicator of the future productive capacity of the economy
Nominal GDP: GDP as actually measured, in current dollars
Real GDP: a macroeconomic measure of the size of an economy adjusted for price changes
Price Index: an index that traces the relative changes in the price of an individual good (or a market basket of goods) over time
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, such as drug dealing and prostitution
Gross National Product: former measure of the United States economy; the total market value of goods and services produced by all citizens and capital during a given period (usually 1 yr)
Business Cycle: recurring fluctuations in economic activity consisting of recession and recovery and growth and decline
Expansion: In business cycle, economic growth
Peak: In business cycle, height of economic prosperity
Contraction: In business cycle, a period of economic decline marked by falling real GDP
Recession: a recession is a business cycle contraction, a general slowdown in economic activity over a period of time
Depression: a sustained, long-term downturn in economic activity in one or more economies
Trough: Lowest point in economy
Leading Indicators: indicators in economics and finance used to predict the future
Lagging Indicators: indicators in economics and finance used to measure the past
Coincident Indicators: is a statistic about the economy. Economic indicators allow analysis of economic performance and predictions of future performance. One application of economic indicators is the study of business cycles.
Real GDP Per Capita: related to all economic indicators that are calculated, usually at the end of a fiscal year
Labor Productivity: Workforce productivity is the amount of goods and services that a labourer produces in a given amount of time.
Productivity Growth: a measure of output from a production process, per unit of input
Capital-to-labor ratio: Example, labor productivity is typically measured as a ratio of output
Capital Deepening: a term used in economics to describe an economy where capital per worker increases. This is also known as increase in the capital intensity.

Thursday, January 6, 2011

Post 18- Twitter man

Text 1 I would like to able to use this link on my midterm because I believe that it would greatly help me.  It gives you definitions for vocab and is very easy to navigate.  All you have to do is click on the letter that the word begins with that you are looking for and search from the list it gives you.

Text 2 This website will also help me with my midterm because it lists all the materials that we have gone over in class.  It has several different categories that you can choice from and when you click on them it gives you the definitions and examples for the term.

Text 3 This website is the last website that I would like to be able to use on my midterm.  This has different links that you are able to click on to explore the world of economics and gives your resourceful links.

Wednesday, January 5, 2011

Business Cycle Graph

The graph above does a good job of explaining a good job of showing what a real business cycle with date would look like but does not have any vocab on it.

I have choosen this graph for the best Business Cycle award.  It does a great job of really explaining to someone how the business cycle works.  Besides this graph using all the correct vocab it just really stands out.  It has dotted lines and is very colorful so it grabs your attention. 

This graph shows the vocab but in a great depth. Nothing really stands out in this graph and it is just boring.

Tuesday, January 4, 2011

Chapter Ten study Guide

Mr. Campbell asked us to use all the information we learned from chapter ten and make a study guide for ourselves

Monday, January 3, 2011

leading/coincident/lagging indicators

Leading indicators are indicators that change before the economy changes.
              1.) stock market returns.
              2.) average hours of manufacturing.
              3.) Average unemployment claims for insurance.

Lagged economic indicator is one that does not change direction until a few quarters after the economy does.
              1.)  Unemployment  rate starts to change and tends to increase after the ecomomy starts to
              2.) The value of industrial and commercial loans.
              3.) The ratio of manufacturing and trade inventories to sales

Coincident indicators change at approximately the same time as the whole economy
              1.) Number of employees on a non-agricultural payrolls.
              2.) Personal income less transfer payments.
              3.) Industrial production.

 Leading/coincident/lagging indicators are categories that are based on their usual timing in relation to the business cycle.