Business

Unit 5 Discussion: Reflection

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Most of us hear and read the words “the economy” quite often in the news. As you have discovered, these words encompass a broad base of information, data, and concepts. Managing the macroeconomy is a daunting task. I hope you have a new found appreciation for all the work and effort and responsibility that our government and private sector officials put forth to help us all to live in a productive society.

I also hope that you will be more attuned to what is happening in our country and in our world that impacts our macroeconomy and our lives. When you hear economic terms (inflation, unemployment, tax increases, increases in government spending, etc.), you should now have a basic understanding of what they all mean. And, you should pay attention to the news! Any time any of these factors change or are manipulated, we are all impacted. Being better informed makes us better citizens.

1.What have you learned in this class? Review the learning objectives in the course syllabus, located in the Course Information page, and relate them to your learning

2.How will globalization affect our labor supply? How will globalization affect the labor supply in other nations?

3.Economic growth is an increase in real GDP, resulting in improved standards of living. Economic growth occurs when society either acquires more resources or discovers more efficient ways to use existing resources. What options (nationally and globally) do we have for the future for acquiring more resources or using what we have more efficiently?