Monday, January 24, 2011

Post 25 (B) - Find the Gini Indexes for the nations of the world and react to what that says about America.

After looking at the Gini Index on various websites it seems to show that the Unites States hovers around 45 on a scale of 0 to 100. I think this is safe to say since many citizens want to believe that our country is equal, this should go for the sharing of wealth as well. We are not a country run by strict groups where all of our money goes to the government, like many African countries. Then again we are not like many European countries where wealth is sent to the lower levels. America is a little below the middle, giving a little more wealth to the less wealthy but still evenly balanced.

Friday, January 21, 2011

Post 25 (A) - Find one group of Americans that would love inflation and explain why.

A group of Americans that would love inflation would be debtors. Anyone in severe debt would love inflation since each dollar that they pay back would not be worth as much. Since the dollar amount is worth less the amount they are paying back is less than the amount they would pay without inflation. For example, inflation would help people with big car payments, people who have a mortgage, or even students paying back loans.

Post 24 - Create 4 scenarios for your life to describe the 4 types of unemployment. (future you)

1. Sturctural Unemployment - Since Wawa created a new machine that makes hoagies with a machine, they no longer needed me to make them, so I was put out of work due to structural unemployment.

2. Seasonal Unemployment - After working on a christmas tree farm, I was laid off since nobody has interest in buying a christmas tree after christmas.

3. Frictional Umeployment - While working at wawa, I plan to move to Delaware during the period of time before I start my new job at my new home would be considered frictional unemployment.

4. Cyclinical Unemployment - With the economic down turn less people had the money to come into wawa to buy over priced sandwiches in order to balance this problem, wawa needed to cut employees, me included.

Wednesday, January 19, 2011

Post 18 - Twitter Man!

Dear Jerry,

I would like to take the time to thank you for the site you have created that allows students like myself to have a short cut to more sites. This helps out a large handful of us, whether we realize it or not, to find websites that can help us better understand what we are learning in class, or experiencing in the real world. I do take alot away from my classes in school but the few things that are left in the shadows are brought to like with the information that can be found on your site. The site doesnt just give a few choices, but rather a large number that gives students the oppurtunity to search for something that best suites them. Although I have only used your site for my economics class, Im sure it could help me in the future with other classes as well. Keep up the good work.

                                                                                                Thanks again -Nick

Post 23 - Please make a western style wanted dead or alive post for one of these criminals.

Post 22 - Make a list of 15 new facts you learned (5 from each quiz).

1. Unemployment can be branched out into multiple types.

2. Unemployment is the most publicised statistic.

3. Full employment only accounts for 95 percent

4. Population Study is run by Census Bureau

5. Inflation is an increase in the average price of products

6. Deflation is the opposite of inflation by decreasing the average price of goods

7. a "Shock" increases the price of products for many or all firms

8. Price index is used to measure price levels

9. Price index also calculates inflation rates

10. The worst degree of inflation is called "hyperinflation"

11. If the value of the dollar decreases, the people who suffer most are those on fixed income

12. Higher Rates = Less Spending

13. Poverty threshold is the lowest income level needed for basic living

14. Poverty thresholds are based of the price index

15. Increases in technology = decrease in lower-skilled workers

Thursday, January 13, 2011

Post 21 - Use the terms on: Page 235 Q1; Page 240 Q1 and Page 246 Q1 and make a terms list for this unit.

National Income Accounting- Process used for tracking production, income, and consumption in a nations economy

Gross Domestic Product- Total value of all final goods and services produced within a country in a given year

Output Expenditure Model- A method of computing the GDP by adding the total value of consumer and government spending

Personal Consumption Expenditure- Total spending by consumers for durable goods, nondurable goods, and services during a specified period of time

Gross Investment- Total value of private spending in the economy for capital assets

Nominal GDP- The value of a nations GDP at the current prices of the period being measured

Real GDP- The value of a nations GDP after it has been adjusted for inflation

Price Index- A set of statistics that allows economists to compare prices over time

Underground Economy- Illegal economic activities or unreported legal activities that are not accounted for in national income measures

Gross National Product- Total value of all final goods and services produced with factors of production owned by citizens of a different 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