Tuesday, January 25, 2011

Post 24

4 Types of Unemployment

1. Frictional- I'm a first-time job seeker and lack the resources for finding a company that has a job that is suitable for me. As a result I do not go into a job, holding out for the better-paying one.
2. Structural- I am very skilled at fixing machinery. A factory has fired workers, replacing them with machines, which do the job faster and more efficiently. A job has now opened for me to fix these machines when they break down or install new ones.
3. Cyclical- I am looking for a job. A business that I am looking at is not hiring because there is not enough demand for labor and I have to wait a long time to get a job there.
4. Seasonal- I am a lifegaurd and don't have a job in the winter. I am unemployed during the cold season and employed during the warm season.

Post 25 (2)

Groups Fighting Poverty

2)Feeding America
     I think that my school (Northern Burlington) should donate money to C.A.R.E. to fight poverty across the world. This money will help feed children all over the world who do not have money to spend. It is one of the largest donation sites for poverty and very well known also. I believe we as a school would help stop poverty the most by donating to this group.

Post 25

America on the Gini Index

The U.S. is 56 out of 130 countries on the Gini Index. Although it is on the upper half of the Index, you would think we would be a little more towards the top. I definitely think that we are a powerful country, but when you look at the index you see countries like Uzbecastan, Pakistan, Vietnam, and Japan have a better place on the index. You would think that the U.S. would have a better Gini than these countries. It just shows that we are not as high power as most Americans think.

-View the Gini Index here.

Wednesday, January 19, 2011

Post 22

15 Things I've learned

1. Census Bureau conducts a monthly study called the Current Population Survey
2. marginally attached workers are people who once held productive jobs but have given up looking for work
3. frictional unemployment is unemployment attributed to workers moving from one job to another
4. structural unemployment is unemployment that results from changes in technology or in the way the economy is structured
5. aggregate supply is the total amount of goods and services produced throughout the economy.
6. a supply shock is an event that increases the cost of production for all or many firms.
7. To construct the consumer price index, the Bureau of Labor Statistics selects a sample of commonly purchased consumer items, called themarket basket.
8. The worst degree of inflation is called hyperinflation
9. The poverty threshold is the lowest income level that a family needs to maintain a basic standard of living.
10. Poverty thresholds are adjusted annually based on changes in the consumer price index.
11. To measure the amount of inequality in the distribution of income, economists plot a Lorenz Curve.
12. The data used to plot a Lorenz Curve can also be used to compute the Gini index.
13. The heavy corporate downsizing of the late 1980s and early 1990s increased unemployment and resulted in many workers settling for lower-paying jobs.
14. rapid changes in technology have led to a drop in demand for lower-skilled workers.
15. One suggestion for improving income equality is raising the minimum wage.

Monday, January 17, 2011

Post 18

*3 sites that I wish I could use on mid-term




     I would like to use any of these 3 sites during my mid-term exam for economics. Each one gives a different look on economics and are very helpful. The first website is a link that has information for anyone from K-5 to college. I know that for 6-12 grade the site has just about everything needed to pass an economics test with flying colors. It has every section of it you could imagine.
     I find the second site to also be very helpful, especially during mid-terms. It has a couple of links that give you info on recession and supply and demand. It lets you know how this stuff works and what it is, along with some other things too.
     The final site I would like to use on my exam may have a funny name, but it works. It has links that give you info on macreconomics, supply and demand, taxes,and many other things about economics. It's as easy as clicking on the thing you want to know or learn and it gives you everything from the definition to even more links that can help.

Monday, January 10, 2011

Post 17 (2)

1. This graph shows that as inflation rate goes down, the unemployment rate goes up, and vice versa. It is a little vague and not very clear but simple and gets to the point.

2. Graph 2 is a little more detailed than Graph 1 while still getting to the point. It gives you a clear understanding of how the business cycle works, and is also simple enough to understand.

3. The last Graph is pretty much the same as Graph 2. It may be a little more interesting and colorful. I find it to be a little easier to understand while still being a little more detailed. It is made so that anyone could get how the business cycle works.

              *Dylan's Award*
-this award goes to my favorite visual out of the 3. The one that I believe to be the BEST visual is..

                                *GRAPH #3!!!*
I think this graph deserves my reward because it gives good info while keeping it simple. It was more detailed than the other 2 graph but still very easy for anyone to understand. It was also a little less boring because of the color.

Post 17 (1)


Post 14

I found a very helpful video on the business cycle to share with my people. It gives a general understanding for what it exactly is and some facts about it.
-click here Business Cycle Video to watch a informative video on the business cycle. His English accent can only make it better!

Tuesday, January 4, 2011

Post 15


1.production workweek
2.building permits
3.unemployment insurance claims
1.gross domestic product (GDP)
2.employment levels
3.retail sales
1.labor costs
2.business spending
3.the unemployment rate

Monday, January 3, 2011

Post 12

GDP = Faulty

     The method of measuring national welfare by means of GDP is said to be very inaccurate. GDP does not cover everything needed to make an accurate estimate. Gross domestic product does not take into account much of the production that has economic value. Volunteer work nor unpaid domestic services make it into these accounts. Also, our standard of living, general level of economic well-being, and benefits don't make it into the calculation either. Many think Gross National Product (GNP)is much more of an accurate way to measure the national welfare. GNP is the market value of all goods and services produced in one year by labor and property supplied by the residents of a country. Unlike GDP, GNP allocates production based on ownership. Net national product is another way to calculate. NNP is the total market value of all final goods and services produced by residents in a country or other polity during a given period. It is basically GNP minus depreciation.

Post 11

How to Calculate Gross Domestic Product

GDP = private consumption + gross investment+ government spending+ (exports − imports)

Post 10


     I think macroeconomics will be about a much larger scale of economics. It will be about the world wide economy, from regional to global economy. This study being so big and broad makes it very interesting. I hope to learn, more specific details about how it works, what it deals with exactly, and if there is anything it does not apply to.