Response Assignment

Response Guidelines

Please respond to at least one of your peers (see below peer response). Do you agree or

disagree with his or her position? Are there any aspects of the post that need

clarification? How do the resources you used in your post confirm or challenge the ideas

presented by your peers? Use proper APA format for your citations and references.

Peer Response -Economic Statistics

Macroeconomics may just focus on just a few key statistics to measure the value of final

goods and services produced in a country over a specified period. The methods which is

used depends on whether or not the commodity is flexible during the long run or short

run. Long run economic growth and short term economic fluctuation takes GDP,

inflation and unemployment data into consideration. This enable economist to gain a

deeper insight on how the economy behaves. Furthermore,’’ government policies and

central bank polices may have a different effect in the short run when prices are fixed

versus the long run when prices are flexible (McConnell, C., Flynn, S., & Brue, S.

2015).’’

Examining all possible data would not be ideal since most commodity prices are flexible

and constantly changing. This would make it difficult to predict an accurate forecast. In

addition, other commodities change infrequently. The short run model is used when

process are inflexible whereas the long run model is used when process become very

flexible.

McConnell, C., Flynn, S., & Brue, S. (2015). Macroeconomics. (20th ed.). New York, NY:

McGraw-Hill. ISBN: 9780077660772