Essay Available:
Pages:
2 pages/≈550 words
Sources:
-1
Style:
APA
Subject:
Management
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 8.64
Topic:
State of economy
Essay Instructions:
Undergraduate, APA, Research Paper: 2 page(s) / approximately 550 words, Business & Marketing
Deadline: 2024-10-21 13:13
Topic: State of the Economy
Instructions:
The following are sources for current economic data:
• White House Economics Briefing Room: https://www(dot)whitehouse(dot)gov/briefing-room
• Bureau of Labor Statistics: https://www(dot)bls(dot)gov/eag/eag.us.htm
• Bureau of Economic Analysis: https://www(dot)bea(dot)gov/
• Economic data from the Federal Reserve Bank of St. Louis: https://research(dot)stlouisfed(dot)org/fred2/
• Economic data for Metropolitan areas: BEA’s metropolitan statistical area data, which include the Washington-Arlington-Alexandria, DC-VA-MD-WV, area. (https://www(dot)bea(dot)gov/data/gdp/gdp-metropolitan-area).
Directions
2. Define real gross domestic product, inflation, and unemployment rate.
3. Describe how each indicator is calculated.
4. State the interpretation of an increase in each indicator
5. State the interpretation of a decrease in each indicator
6. Locate current data for real gross domestic product, inflation, and the unemployment rate for the US, the State of Maryland, Virginia and West Virginia
7. Record the values for each indicator at the federal (US) level, the State of Maryland level, Virginia and West Virginia
8. Develop a graph that examines the 12-month trend data for gross domestic product, inflation, and the unemployment rate for the US and the State of Maryland
9. Use economic data to produce a report that describes the current state of economic activity and provides an economic forecast for the US and the State of Maryland for a fictional client.
a. The report should be between 500 – 750 words and include the graphs that were created.
b. The audience of the report is the ownership team of a business that is looking to start in the Frederick, Maryland area.
c. Include a recommendation regarding whether it is a good time to work on opening the new business. Why/why not?
Sensitivity: Company-Internal
====================
This email/fax message is for the sole use
Essay Sample Content Preview:
State of the Economy
Your Name
Subject and Section
Professor’s Name
October 22, 2024
It is essential to know what real GDP is, the inflation rate, and the unemployment rate in an economy to determine its viability within and with the business. These imaging indicators enhance the ability to measure economic activity and provide direction on growth prospects for business ventures and investments. This paper aims to describe these indicators in detail and offers an economic outlook of the US states of Maryland, Virginia, and West Virginia.
Real GDP represents the total output of actual output of the economy in any given year, discounted for the fact that prices could be higher or lower than the previous year. It shows the value of the economy's output in a certain period and is adjusted for price change to give a viewpoint on the natural growth or decline of the economy (Bureau of Economic Analysis, n.d.). Inflation is the rate at which the price level for the majority of products and services within an economy decreases, hence the purchasing power. Usually recorded by the Consumer Price Index (CPI), it is an index that shows changes in the average price level of goods and services purchased by households in a given economy over a certain period (Bureau of Labor Statistics, n.d.). The unemployment rate shows the proportion of the labor force that is out of work but seeking work. It is determined as the total of unemployed persons in the total workforce and multiplied the fraction by 100 (Bureau of Labor Statistics, n.d.).
Fluctuations in these parameters have a variety of implications for the economy. This shows that real GDP has risen, meaning the economy is expanding, which equals more production and consumption within the economy; many times, we have the business breaking even, creating more jobs. On the other hand, a shrinking in real GDP implies that the economy is shrinking, which could act as a drag on spending and investment, resulting in a possibility of a recession (Federal Reserve Bank of St. Louis, ...
Get the Whole Paper!
Not exactly what you need?
Do you need a custom essay? Order right now: