Economics

The following prompts are designed to support you in preparing for Assignment 2 and being successful on this assignment. ***Given you will each have to individually write about the information below, it is important that you each take an active role in gathering the information. *** It takes time for data to be available. The most recent data usually is not from today, but a previous month, quarter, or year. ***Part of the challenge of this assignment is learning to navigate economic information and determining what is most important.

Review the guidelines for Assignment 2 and the rubric. Brainstorm at least 3 possible stories that could be told about the economy using economic data. *

1 Because of natural disasters, the output of farmers growing vegetables has decreased. People's needs are unchanged, the price of vegetables is rising.The price of vegetables has changed from $2 per pound to $3.5 per pound. 2 Because the news released a bird flu news, people no longer choose to buy poultry. Resulting in a significant reduction in the demand for commodities and lower prices for poultry. 3 Because of the competition between Coca-Cola and Pepsi, people have more choices. If only Coca-Cola has mastered the technology of making cola, Coca-Cola will become the only choice.

Select a story and reflect on the economic data needed for tell this story. *

The competition between Coca Cola and Pepsi Cola. How much impact does an item have when it competes?

What (if any) questions do you have about the assignment and the rubric? 

no

Full Employment

Visit the Bureau of Labor Statistics ( bls.gov ) to find the following answers.

What is the most recent monthly unemployment rate? *

3.6%

What was the unemployment rate for the previous month? *

3.8%

What was the unemployment rate a year ago? *

3.9%

Is the U.S. economy at full employment? How do you know this? *

No, not every American has his own job, many states have a certain unemployment rate.

Find the unemployment rates for white men, white women, black men, and black women. *

2.9%,2.8%,6.8%,5.3%

What is the current labor force participation rate? *

62.8%

What is the labor force participation rate for men? For women? *

68.9%,58.1%

What was the labor force participation rate last year? *

62.8%

How many discouraged workers exist? *

454000

How many workers are underemployed? *

963000

Economic Growth

Use information from FRED ( fred.stlouisfed.org ) OR Bureau of Economic Analysis ( bea.gov ) to answer the following questions.

What is the current nominal GDP? *

$21,062.691 billion

What is the current real GDP? *

$18,912.326 billion

What is the quarterly growth rate of real GDP? *

2.2%

What is the yearly growth rate of real GDP? *

3.2%

Are we meeting the macroeconomic goal of economic growth? Explain your reasoning. *

yes, because the economy is growing.

Price Stability

Use information from FRED ( fred.stlouisfed.org ) OR Bureau of Economic Analysis ( bea.gov ) to answer the following questions.

What is the current inflation rate? *

1.81%

Are we meeting the goal of price stability? Explain your reasoning. *

no, we have not achieved the goal of price stability, because prices sometimes change.

Alternative Goal

Mainstream economics has prioritized full employment, economic growth, and price stability as essential for a successful economy. However, we could prioritize other goals for our economy such as reducing income inequality.

Brainstorm a list of at least 5 other ways we could evaluate the performance of the economy. *

full employment, economic growth, price stability, per Capita income increased and employment opportunities increased

Alternative 1: Choose one alternative measure and find data on it. *

U.S. has 3.6% unemployment rate.

Is the economy successful in meeting this alternative 1 goal? Explain your reasoning.*

No, because not everyone has their own work.

Alternative 2: Choose a second alternative measure and present data on it. *

The current nominal GDP is $21,062.691 billion.

Is the economy successful in meeting this second alternative goal? Explain your reasoning. *

Yes, because the economy grew in April 2019.

Onward to Assignment 2

Good work! Although you need to address each goal in your article, you do NOT need to include all of the information in this homework and every element of each goal in your article. Check the rubric for essential components. Your task is to construct an engaging and accurate story of how the economy is performing. What information will best support you in effectively telling this story?