Econ 545 paper 2

ECON545 Paper Project 2

The Macroeconomic Paper tests your ability to apply economic principles to a business decision considering the impact of macroeconomic variables. Select one situation from the items outlined below: A to D. Complete the paper on the selected situation as specified below. The completed paper is a professional report and is due in Week 6 (200 points). See the grading rubric at the end of this document. For sources of data, you can choose from the list presented at the end of this document.

Each of the scenarios has a list of macroeconomic areas you are to address, with sources, in your answer. Research and show how these apply to your scenario: GDP growth rate (20 points), the business cycle, unemployment, and inflation (40 points), fiscal policy and level of unemployment (40 points), monetary policy and interest rates (40 points), and demographics (10 points).

Situation A

Jenny, your niece, is a smart high-school student who wants to make smart choices for her future. Hearing of your course in Business Economics, she has emailed you asking for advice on whether to become a medical doctor and on the best location to practice it. She recognizes the high costs of tuition and the years of study involved in becoming a doctor. She wants to evaluate if that career choice is an optimum decision for her. So she has asked you for advice.

Having read the introduction to Chapter 1 on page 3 of the textbook, you recognize the significance of such a career decision for Jenny. You decide to examine the significance of the influence that macroeconomic conditions can have on the success of a profession. So you research the economy in terms of GDP growth rate, interest rates, level of unemployment, the business cycle, fiscal policy, monetary policy, international trade, and demographics. You want to provide Jenny with the most informed advice possible. In addition to macroeconomic issues, you also evaluate the career choice from longer-term perspectives.

Macroeconomic Paper as a Professional Report

Your paper should be organized into five parts as listed below.

1. Title Page: Name, class, and date

2. Introduction to situation but do NOT copy the scenario. Briefly summarize the situation and identify the macroeconomic issue(s) to be decided from the perspective of the organization.

3. Business cycles, unemployment, inflation, international—comparative advantage, exchange rates, trade, etc., monetary policy and interest rates, and fiscal policy and unemployment. Identify the variables that are critical in addressing the issue(s). Gather and present the relevant data on the variables by searching the DeVry Online Library. Ask a librarian for help if needed. Use in-text citation to report the source(s) of the data. Graphs may be included here.

4. Recommendations and Economic Justification

Formulate and present your recommendations for addressing the issue(s) based on the relevant data and economic principles identified above. Justify your recommendations in terms of the economic impact on those affected.

5. References

List the full references for at least five sources alphabetically in APA format.

Grading Rubric

Section	Points earned	Points	Description
Paper Presentation		10	Good format, citations, lack of spelling errors, etc. Correct title page and reference page
Relevant Data: GDP, Business Cycle, International, Monetary Policy, Fiscal Policy, Demographics		130	GDP (20 points) Business cycles, unemployment, inflation (40 points) Monetary Policy and interest rates (30 points) Fiscal policy and unemployment (30 points) Demographics (10 points)
Recommendations		40	What are your recommendations explained by your analysis?
Total		180	A quality paper meets or exceeds these requirements

Data Sources

1. DeVry Online Library:

· Data bases for related articles

· Data bases for industry reports; IBISWorld in particular.

· ProQuest Statistical Abstracts of U.S.: http://library.devry.edu/pdfs/STATISTICAL_ABSTRACTS__US.pdf

2. Industry Associations

· Association of American Medical Colleges: https://www.aamc.org/

· American Medical Association (AMA): http://www.ama-assn.org/ama

· Council on Graduate Medical Education (COGME): http://www.hrsa.gov/advisorycommittees/bhwadvisory/cogme/

· National Center for Health Statistics (NCHS): http://www.cdc.gov/nchs/

· Solar Energy Industries Association: http://www.seia.org/

· The Solar Foundation: http://www.thesolarfoundation.org/

· The National Restaurant Association: http://www.restaurant.org/

· NACS - The Association for Convenience & Fuel Retailing: http://www.nacsonline.com/Pages/default.aspx

3. Private Research Groups

· The Rand Corporation: http://www.rand.org/

· University of Michigan: http://css.snre.umich.edu/ ; http://www.sca.isr.umich.edu/

· The Conference Board: https://www.conference-board.org/data/bcicountry.cfm?cid=1

· OECD: http://www.oecd.org/eco/economicoutlook.htm

· IMF: http://www.imf.org/external/pubs/ft/weo/2015/01/

4. U.S. Government Websites:

· Statistical Abstracts of U.S.: https://catalog.data.gov/dataset/statistical-abstract-of-the-united-states

· International Trade Administration: http://www.trade.gov/

· National Renewable Energy Laboratory: http://www.nrel.gov/

· National Center for Health Statistics: http://www.cdc.gov/nchs/

· U.S. Department of Energy: http://www.energy.gov/

· U.S. Energy Information Administration: http://www.eia.gov/

· Bureau of Labor Statistics: http://www.bls.gov/

· Bureau of Economic Analysis: http://www.bea.gov/

· Lawrence Berkeley National Laboratory (Berkeley Lab): https://www.lbl.gov/

· U.S. Census Bureau: http://www.census.gov/ ; http://www.census.gov/econ/bes/ ; http://www.census.gov/economic-indicators/

· U.S. Department of Commerce: http://www.commerce.gov/ ; http://export.gov/ ; http://business.usa.gov/ ; http://www.esa.doc.gov/content/indicators

· Statistical Abstracts of U.S.: https://catalog.data.gov/dataset/statistical-abstract-of-the-united-states ; https://catalog.data.gov/dataset?q=business+expense&sort=none&ext_location=&ext_bbox=&ext_prev_extent=-142.03125%2C8.754794702435617%2C-59.0625%2C61.77312286453146