increase in the number of jobs as well as a major decline in the unemployment rate from 2009.
Application of Economic Concepts
There are various economic concepts that can be applied to the points highlighted above. The first economic concept is unemployment. Unemployment takes into account a circumstance where factors of production are willing and capable of being employed at the ruling market wage rates but are involuntarily unutilized or under-utilized. The unemployment rate solely attempts to measure involuntary unemployment. The number of unemployed individuals will rely on the rate of expansion of work prospects, which in turn relies on the rate of growth of the economy, the production technique… Continue Reading...
predict the performance of the United States economy in 2018. The forecast is prepared based on indicators obtained from the course web page to demonstrate understanding of various macroeconomic concepts learned in this course. The forecast will also include a discussion of the impact of adopted monetary policy and fiscal policy on the United States economy.
Forecast of Gross Domestic Product
Gross domestic product growth rate is one of the most important aspects for predicting economic growth and development. Gross domestic product (GDP) is the foundation with which governments and businesses make decisions regarding spending, hiring, investments, and policies that affect aggregate economic activity in a country. GDP is a term that refers to monetary measure of the… Continue Reading...
