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1 Why is economics considered a social science? What role does

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1 Why is economics considered a social science? What role does economics play in your personal and professional lives?
2 What is the difference between real and nominal GDP? Does GDP accurately reflect the nation’s welfare? Why or why not?

3 How can a country’s GDP be manipulated? In your opinion, is the U.S. GDP being manipulated? Explain your answer.

4 What are the different types of unemployment? How do they affect the economy in terms of growth, labor force, and price of labor? Cite specific examples to support your response.

5 Identify economic factors that affect the real GDP, the unemployment rate, the inflation rate, and a key interest rate. How do you predict the economy will perform in the next two years given the current state of two of the economic factors you identified? How might your organization be affected by these changes

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1 Why is economics considered a social science?

Economics is a social science because it is a study of human behavior. Human behavior cannot be explained by physical law, so it's not a hard "science" such as medicine.

What role does economics play in your personal and professional lives?

Economics is everywhere. Economics dictates what you purchase, what you spend, what you save, and how you make decisions. in your professional life, the economy and economic concepts dictate how the company operates and the decisions and strategies they make for the future. Economics impacts your life in every decision that is made.

What is the difference between real and nominal GDP? Does GDP accurately reflect the nation’s welfare? Why or why not?

Real GDP is GDP calculated based on the prices of a baseline year. Nominal GDP is GDP calculated at current market rates. GDP doesn't accurately reflect a nation's wealth in and of itself. It does not take into consideration the things people do on the secondary market, such as bartering for goods and services, growing ones own food, and buying secondhand. When these are ignored, the true wealth of the nation cannot be calculated.

3 How can a country’s GDP be manipulated? In your opinion, is the U.S. GDP being manipulated? Explain your answer.

There are numerous ways that a country's GDP can be manipulated. First, the factor used to factor in inflation or deflation is highly subjective - it can be used to manipulate the results. Also, exchange rates used can be used to manipulate GDP. I think that the US GDP is being manipulated - because economys with high debt have artificially high GDPs. The US has a significant amount of debt, as do the citizens within the country. Therefore, our GDP is inflated artificially. You can read more all about this at the following link: http://www.globalpolitician.com/print.asp?id=2984

4) Types of unemployment: 1. structural unemployment due mainly to the structure of the economy and a losing competitiveness such as manufacturing against the service sector. 2. frictional unemployment, people will need times to find jobs. 3.cyclical unemployment, because of business cycle.

Frictional unemployment doesn't impact the economy as a whole as it is just one person going from one job to the next. Structural unemployment drives down the cost of labor as there are more people available for work. Cyclical unemployment, such as seasonal unemployment doesn't impact the overall cost of labor
Identify economic factors that affect the real GDP, the unemployment rate, the inflation rate, and a key interest rate. How do you predict the economy will perform in the next two years given the current state of two of the economic factors you identified? How might your organization be affected by these changes


Economic reasons include changes in government policies such as taxes and interest rates. Currently, there is discussion about raising taxes on businesses and the wealthy. The interest rate has also been reduced to about as close to 0 as you can get in the hopes of getting people to spend money. Unfortunately, neither of these efforts will work. Businesses pass higher taxes on to the consumer through higher prices. The wealthy will be reluctant to spend money as they will have less to spend, which will ultimately hurt not the wealthy themselves, but the middle class people who make things for the wealthy. Our organization may be changed by this because they will need to increase prices to make up not only for tax hikes but also the loss of business from the wealthy.
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