#25 The Final Assessment (Extra Credit)

• One group of Americans who would love inflation would be debtors, and/or people who love to borrow money and take loans. Once inflation occurs, the prices of goods and services rise, making money more valuable. This technically lowers the person's debt, since the value of money has changed over time.

• http://www.nationmaster.com/graph/eco_dis_of_fam_inc_gin_ind-distribution-family-income-gini-index   It shows the inequality of a distribution of wealth. US is #42 out of the countries with a 0.45 for Gini index for income range. This means that U.S. is currently not making as much money as other countries distributing its goods and services.

#24; Unemployment

Frictional: I am a very indecisive child and I cannot choose between being an artist, a nurse, a rockstar, or a priest. So throughout my life I try each of these jobs to see which one I like most. However I will be unemployed for quite some time.

Seasonal: Working at Hurricane Harbor in Six Flags is only available during the summer, I can't work there during any other season because it's all about the water slides and water rides.

Cyclical: I am a teacher working at Northern Burlington, but since the economy is doing really crappy, I have to get laid off because I don't have a tenure. They need to save money so firing workers is the only way to work.

Structural: I can't work in the mountains as a yodeler because the mountains change geographically throughout time. Also, wildlife inhabitates the place and I can't do anything about it.

Post #22; Things I learned from these quizzes

First Quiz:
1. Census Bureau conducts a monthly study called the Current Population Survey
2. The unemployment rate is the most closely watched statistic.
3. Agricultural workers are particularly affected by seasonal unemployment.
4. Anyone who is not classified as either employed or unemployed is considered not a part of the labor force.
5. In 2000 some 1.1 million people were marginally attached workers.
Second Quiz:
6. The inflation rate is the monthly or annual percentage change in prices.
7. Aggregate supply is influenced by the price level.
8.The two most common price indexes are the consumer price index and the producer price index.
9. The decreasing value of the dollar particularly hurts people on fixed incomes.
10. Deflation may occur when aggregate demand decreases more rapidly than aggregate supply.
Third Quiz:
11. Rapid changes in technology have led to a drop in demand for lower-skilled workers.
12. Income inequality in the U.S. had become greater than in any other large industrialized country.
13. The poverty rate is the percentage of individuals or families that are living in poverty
14. In 2000 the poverty threshold for a family of four was $17,761.
15. To improve income equality, you should raise the minimum wage.

Post 23

These law breakers keeps is increasing the levels of consumer prices and is manipulating the value of money. Bring them to us dead or alive for a reward.

#21 Terms List

Terms


national income accounting: Set of principles and methods used to measure a country's income and production.


gross domestic product: the amount of goods and services produced in a year, in a country.


output expenditure model: Y = C+I+G. Since, C depend on (Y-T) where Y is the ouput Or income, T is Tax Revenue, C is consumption expenditure, I is Investment expenditure and G is government expenditure.
personal consumption expenditure: A measure of price changes in consumer goods and services.


gross investment: the total amount of investment without taking account of the cost of depreciation.


nominal GDP: A gross domestic product (GDP) figure that has not been adjusted for inflation.
real GDP: a macroeconomic measure of the value of output economy adjusted for price changes (that is, inflation or deflation). The adjustment transforms the money-value measure, called nominal GDP, into an index for quantity of total output.


price index: is a normalized average of prices for a given class of goods or services in a given region, during a given interval of time.


underground economy: is trade, goods and services that are not part of the official economy of a country; this may be legal activities where taxes are not paid, or illegal activities, such as drug dealing and prostitution.


gross national product: the market value of all goods and services produced in one year by labor and property supplied by the residents of a country.

Business Cycle- A recurring pattern in economic activity that is characterized by alternating periods of expansion and contraction

Expansion- A period of the business cycle during which economic activity is increasing toward a peak

Peak-The point of the business cycle during which employment production and wages are at their highest

Contraction- A period in the business cycle during which business activity slows down and overall economic indicators decline

Recession- Substantial and general decline in over all business activity over a signifigant period of time

Depression- A prolonged and severe recession

Trough-The lowest point of the business cycle

Leading Indicators- Set of economic factors that anticipate the expansions and contractions of the business cycle from one month up to two years before similar changes in overall economic activity occur

Coincident Indicators- Set of economic factors that move up or down with the economy

Lagging Indicators- Set of economic factors that help economicts predict the duration of economic up or downturns

Real GDP Per Capita -The dollar value adjusted for inflation of all final goods and services produced  per person  in an economy in a given year

Labor Productivity - Measure of how much each worker produces in a given period of time

Productivity Growth - Increase in output per worker per hour worked

Capitol-to-labor ratio - Amount of capital resources available per worker

Capital Deepening - The increasing of capital resources at a faster rate than the increasing of the labor force

#18 Twitter Man

The list of sites you have created are very innovative and insightful. There is a link for just about everything there is to learn about economics. The one I found most useful U.S. National Debt Clock. It lets viewers see how much United States is making and how much they owe. It's a neat way to keep watch on our economy and its whereabouts. It's also great how you have multiple links for each subject, that way people can refer to different resources when using your page. The games you added also help many students and visual learners, as they might learn better playing a game than just reading. Keep up the good work and continue spreading your knowledge to everyone on the web. You are the man, the Twitter Man.

#17 Theory of Business Cycles

Strengths: It has all the basics of the key points in business cycles

Weaknesses: No additional details

Award for Best Business Cycle:

I chose this one because it's plain and simple. It shows the recession and recovery time periods and also the troughs. It also shows when the business is at its peak. The growth and trend line also helps viewers interpret that the business has its ups an downs. This one is also the easiest to understand.

 

Strengths:  Detailed, has different lines for different points of time and variability

Weaknesses: Not labeled

Strengths: Has different scenarios and shows each step of the cycle

Weaknesses: Kind of hard to understand