Economic Principles – Macroeconomics
Economic Principles – Macroeconomics
Please see fillable essay template already formatted in SWS paper style.
I have also attached a sample essay paper to see exactly what the Professor is looking for.
The previous industry that was selected for my last topic was
Industry: Goods and Services
Overview
It is important to be able to convey your understanding of macroeconomic concepts by communicating them to others. In the workplace you might do this by writing papers or reports (as you did for the Week 5 assignment) or creating presentations for your team, manager, or clients. For this assignment, you will develop a final report.
An Example Macroeconomic Paper and Macroeconomic Paper Template are provided in the attachments for this assignment.
Review the Macroeconomic Paper Example [DOCX].
Use the Macroeconomic Paper Template [DOCX] to help you get started.
For this final report assignment, you can use the same industry you selected for the Week 3 assignment, or you can select another industry. (the industry that was selected was
Industry: Goods and Services)
Prepare a 2–3 page final report in which you examine one of the macroeconomic variables below:
Real Gross Domestic Product (GDP).
The unemployment rate.
The inflation rate.
Instructions
Visit the Census Bureau (NAICS) website and select an industry that has a description. Some of the smaller industries are named, but not described.
The industry could be broad, such as industry 11 Agriculture, Forestry, Fishing and Hunting, or it could be narrow, such as industry 112112 Cattle Feedlots.
The more digits in the industry label, the narrower the industry.
In a few short paragraphs:
Describe your selected industry using the industry description at the NAICS website. Be sure to write in your own words. Don’t just copy and paste the NAICS text.
Identify some of the major companies in this industry. You will probably have to do a Google search for this information. For example, you could search for “Biggest U.S. Cattle Feedlots.
Identify the goods, and/or services this industry produces. Use the information from the NAICS website.
You can supplement this information with what you find in a separate Google search.
Select one of three macroeconomic variables (real GDP, the unemployment rate, or the inflation rate) that a business person in your chosen industry should monitor, and explain why that variable is important and how it might have an impact on your selected industry.
Describe in a sentence or two the important movements of the variable in the table and graph.
Excel tables and graphs are attached for each of the three macroeconomic variables (real GDP, the unemployment rate, and the inflation rate).
(See the Week 9 Assignment with NAICS Example [DOCX] below)
Review the Excel table and graph for the macroeconomic variable that you chose.
Summarize how you think this industry will perform in the future.
Be sure to provide support for your prediction of this future industry performance.
Your report should include a minimum of two references/citations in the text.
This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.
Resources to Complete the Assignment
Week 9 Assignment with NAICS Example [DOCX].
Business Source Complete.
This database has an option to search the Publication Type of “Industry Profile.”
How to Use Business Source Complete.
This instructional video illustrates how to use Business Source Complete.
D&B’s Business Directory.
Using this site, you can search by industry, get a profile of the industry, and see top companies.
Fortune 500 Directory.
You can find information on the top companies in most categories.
This assignment is aligned to this course outcome:
Apply macroeconomic concepts to current and personal economic events and decisions.
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Institution Release Statement
Agriculture, Forestry, Fishing, and Hunting
By Your Name
Professor's Name
Date
Sector 11: Agriculture, Forestry, Fishing, and Hunting
Agriculture, forestry, fishing, and hunting play an important role in developing many countries around the world. In the United States, the contribution of the sector to the industrialization process is undeniable. It helps sustain the workers and provides the raw materials to facilitate the operation of these industrial sectors. The sector comprises establishments mainly engaged in growing crops, keeping animals, harvesting timber, fish, and other animals from their natural habitat. The establishments that support the various processes in this sector include farms, ranches, dairies, nurseries, orchards, greenhouses, or hatcheries.
Farming is a productive venture because it is possible to subdivide a single tract of land into different tenures that can then be used for different purposes. The industry engages in two major basic activities, agricultural production, and agricultural support activities. Activities that lead to agricultural production comprise establishments that engage in complete farm or ranch operations, such as farm owner-operators and tenant farm operators. On the contrary, agricultural support activities include establishments that engage in one or more activities involving farm operations, such as planting, harvesting, and other forms of land preparations. All these activities require laborers and hence create many employment opportunities.
Unemployment Rate
The unemployment rate is an important measure in determining labor market performance. It shows the inability of an economy to generate employment for individuals who wish to work but lack the jobs to work on. It, therefore, plays an essential role in indicating the efficiency and effectiveness of an economy to provide opportunities for its labor force to exercise its skills. Based on its effectiveness in relaying valuable information on a country's performance in the labor market, it was included as a key indicator in assessing the progress towards achieving the Sustainable Development Goals (SDG), under Goal 8, which specifies the promotion of sustained, inclusive, and sustainable economic growth that is characterized by productive employment and availability of work for all people.
Determination of the unemployment rate in agriculture is an essential process as it helps measure the sector's productivity. A high unemployment rate in the industry will show that the sector is unproductive and requires interventions to renew it. On the contrary, a high employment rate will show that it is on the right path and hence the need for further improvement. In the Un...