Individual Assignment: Gathering & Analyzing Economic Data
BUS 300
50 Points
Purpose
Develop skills in gathering economic data to conduct macroeconomic analysis to assess the overall health of the US economy. You will also differentiate between economic systems and state your opinion about the biggest threat to the US economy. By completing this assignment, you will:
- Assess the relationships and interdependencies of economic, social, legal, and global environments in which businesses operate
- Examine the major functional areas of business including management, human relations, marketing, finance, accounting, and international business
- Demonstrate an understanding of the vocabulary of business
- Apply business skills to succeed in the world of business
Note: Your work will prepare you for Group Assignments #1 & #2. Please provide your responses to the questions within this document.
Your Tasks
I. Fill in the following chart by: (8 points)
1. Defining each economic indicator in your own words (Tip: Investopedia.com is a great source for related information)
2. Accessing the appropriate websites (provided below) to obtain data to determine whether each economic indicator is trending up or down since the start of the shutdowns (March 2020) as a result of the pandemic.
Economic Data Table
| Economic Indicators | Definition In your own words, explain what each economic indicator measures | Note whether each has gone “UP” or “DOWN” over the past 6 or 12 months | Websites |
| Gross Domestic Product (GDP %) | http://www.bea.gov/index.htm | ||
| Consumer Price Index (CPI %) | https://www.bls.gov/cpi/ | ||
| Inflation Rate (%) | http://www.usinflationcalculator.com/inflation/current-inflation-rates/ | ||
| Personal Income (%) | https://www.bea.gov/data/income-saving/personal-income | ||
| Unemployment Rate (%) | https://www.bls.gov/ces/ | ||
| Trade Deficit | https://www.census.gov/foreign-trade/balance/c0004.html |
II. Please provide succinct answers (50-300 words) to the following questions:
| 1. Based on the economic data above, is the economy expanding or contracting? Please explain your answer while including at least three of the economic indicators in your response. (10 Points) |
| Provide your response here: Based on the data, I think the economy is… |
| 2. Based on the description of the four major economic systems (Capitalism, socialism, communism, and mixed economic system) discussed in chapter 1: · How would you describe the US’s economic system and why? (2 points) · How would describe China’s economic system and why? (2 points) |
| Provide your response here: · US’ Economic System: · China’s Economic System: |
| 3. From your perspective, discuss what the biggest threat to the US economy is and how it is (or might) impact the unemployment rate and the GDP? Be sure to conduct online research for one or more credible sources to support your opinion. |
| Provide your response here: |
III. Include the list of references you accessed for information (5 points) in the following format:
o Last name or company name, first initial. Middle initial. (Date Published). Article title. Retrieved from URL
o Here’s an example:
Investopedia. (2019, April 18). Free Trade. Retrieved from https://www.investopedia.com/terms/f/free-trade.asp
IV. Ensure all responses are written clearly with minimal typos (5 Points)
V. Upload the completed document by the deadline to complete this assignment.
References
{Include the sources you accessed for information on this page.}
