Monday, January 24, 2011

Gini Index

On the Gini Index, the United States has been rated 40.8. So that means that the nation has a little more equality than I thought. Yes the numbers should be lower, but compared to a number looking like 76.7. We are doing ok. But i do believe that the United States should try and have more equality. Many countries such as Finland are in the 20's and that is where we need to be.

Fight Poverty

World Vision Organization
CARE Organization
Save the Children Organization

I think the Northern Burlington Regional High School should donate/ raise money for the CARE organization "defending dignity, fighting poverty." Their mission is to serve families and individuals in the poorest communities in the world. CARE promotes innovative solutions and are advocates for global responsibility.

Future Me.. scenarios

Scenario 1- Frictional unemployment; I graduated from college last year to become a health care administrator. I worked there for a hospital for about 4 years. Then I had a change of heart. I decided that I want to be an occupational therapist. So i resigned from my health care administrator job from the hospital, and going to school for PT. At this time I am temporarily unemployed.

Scenario 2- Cyclical unemployment; I work at a factory and I work for about six months, then the rise of barbie dolls drop and the factory does not have to make as many. So now I am currently unemployed to due the facts that the barbie doll industry is going down.

Scenario 3- Seasonal Unemployment; During the summer months I work on a farm, plowing fields, harvesting, etc. But when the winter months come, I am out of a job until the next summer. Because there is not a lot of work you can do on a farm in the winter.

Scenario 4- Structural Unemployment; I received a bachelors degree in music. I teach people how to play the harp. But unfortunately many schools do not offer the teaching of harps so finding a job is very difficult. At this time, I am temporarily unemployed.

Wednesday, January 19, 2011

wanted dead or alive...

15 quiz facts...

- The Census Bureau conducts a monthly study called the Current Population Survey.
- The most closely watched and highly publicized labor force statistic is the unemployment rate.
-People who once held productive jobs but have given up looking for work are called marginally attached workers.
-Unemployment attributed to workers moving from one job to another is called frictional unemployment.
-Agricultural workers are usually affected by seasonal workers.

- A supply shock is an event that increases the cost of production for all or many firms.
-The worst degree of inflation is called hyperinflation.
-High interest rates leads to less consumer spending.
-Aggregate supply is the total amount is the total amount of goods and services produced through the economy.
-As the value of the dollar decreases the purchasing power of people who rely on fixed income will fall.

- The income gap between the riches and the poorest Americans was wider in the 1990's than at any other time since WW II.
-The poverty theshold is the lowest income level that a family needs to maintain a basic standard of living.
-Poverty thresholds are adjusted annually based on changes in the consumer price index.
- The data used to ploy a Lorenz Curve can also be used to compute the Gini index.
- A good way to improve the income equality is by raising the minimum wage.

Tuesday, January 18, 2011

Twitter Man- Be an investigator

For the midterm the three websites that I would like to be able to use are... I like this website, because it teaches you concepts and lessons, and gives you project ideas to help aid in learning all about economics. I would want to use this website, because it is all about inflations. That is something that we have learned over the course of this semester. So it would more than likely be useful on the midterm. I am interested in this website, because you can type in economic terms and they will give you the definitions. And economics is a lot of vocab. This is something that I would definetely want to use on the midterm. is probably the most useful out of the other to that I have picked.

Thursday, January 13, 2011


National Income Accounting- Process used for tracking production, income, and consumption in a nations economy.
Gross Domestic Product- Total value of all final goods and services produced within a country in a given year.
Output Expenditure Model- A method of computing the GDP by adding the total value of consumer and government spending...
Personal Consumption Expenditure- Total spending by consumers for durable goods, nondurable goods, and services during a specified period of time.
Gross Investment- Total value of private spending in the economy for capital assets.
Nominal GDP- The value of a nations GDP at the current prices of the period being measured.
Real GDP- The value of a nations GDP after it has been adjusted for inflation.
Price Index- A set of statistics that allows economists to compare prices over time.
Underground Economy- Illegal economic activities or unreported legal activities that are not accounted for in national income measures.
Gross National Product- Total value of all final goods and services produced with factors of production owned by citizens of a different country.
Business Cycle- A recurring pattern in economic activity that is characterized by alternating periods of expansion and contraction.
Expansion- A period of the business cycle during which economic activity is increasing toward a peak.
Peak-The point of the business cycle during which employment production and wages are at their highest.
Contraction- A period in the business cycle during which business activity slows down and overall economic indicators decline.
Recession- Substantial and general decline in over all business activity over a signifigant period of time.
Depression- A prolonged and severe recession.
Trough-The lowest point of the business cycle.
Leading Indicators- Set of economic factors that anticipate the expansions and contractions of the business cycle from one month up to two years before similar changes in overall economic activity occur.
Coincident Indicators- Set of economic factors that move up or down with the economy.
Lagging Indicators- Set of E.F that help economicts predict the duration of economic up or downturns.
Real GDP Per Capita-The $ value adjusted for inflation of all final goods and services produced  per person  in an economy in a given year.
Labor Productivity- Measure of how much each worker produces in a given period of time.
Productivity Growth- Increase in output per worker per hour worked.
Capitol-to-labor- ratio- Amount of capital resources available per worker.
Capital Deepening- The increasing of capital resources at a faster rate than the increasing of the labor force...