Explain how economic principles impact aspects of personal and professional life

Posted by June 11, 2024 in Assignment Help

Part 1

Overview

Global economic trends and events have real impacts on your daily life: a new technology increases the demand for workers in a certain field, a country’s economic growth affects the ability or willingness of employers to increase wages, or trade decisions between two countries cause prices of some everyday goods to fluctuate, for instance.

Such economic impacts require you to decide how to allocate resources and budget effectively, and to use critical-thinking strategies to navigate the world of finance and economics. Throughout the previous weeks of this course, you have learned foundational economic concepts, basic personal finance considerations, and problem-solving strategies. In this assignment, you will apply all of these to a budgeting scenario.

Your goal for this assignment is to use your problem-solving skills to articulate how economics have real impacts on families and their budgets. You will apply decision-making and critical-thinking strategies to explain how economics inform personal budget decisions.

Preparation

Your assignment should incorporate research from the following resources and/or other Internet resources of your choice. One of these must come from the Capella library databases.

Use your observations and results from these resources to inform your assignment write-ups.

Read the following scenario for context for this assignment as well as the Week 3 Assignment Template [DOCX] Download Week 3 Assignment Template [DOCX]. The completed div will be your deliverable for this assignment. Make sure you are providing at least one paragraph of 4–7 sentences per section.

Scenario

Your child is starting a two-year culinary program at the community college this year and was awarded a small grant to cover some of the cost. You need to adjust your budget to help them with tuition and other expenses, as well as consider and project future economic trends. At the beginning of this year, the cost of housing rose, as there were more renters than rental units. Trade decisions have made some imported items more expensive than they were last year. The family’s income changed slightly, but because of these economic changes, you will need to modify the yearly budget. You must analyze spending in the prior year and the budget for this year. Your family might be unhappy with some of your decisions about where to spend less or more, so you must be prepared to explain your choices to them.

Instructions

For this assignment, complete the following:

  • Describe how a relevant economic concept applies to a scenario.
    • Review the scenario for at least one economic concept and describe how it applies to the scenario.
  • Summarize the change in expenditures between budgets.
  • Describe the economic trends that created the need for a change in expenditures.
    • Think about the economic trends that created the need for you to make the budget decisions that you did. Make connections to the economic concepts you have learned.
  • Provide a rationale for budget decisions made in response to economic changes.
    • Explain the reasons for your choices to the family. Address all expenditures and discuss long-term effects of the changes you are making, as well as why you left any items unchanged.
  • Reflect on how changes in economic variables may affect your personal life and finances.
    • Think about how changes in the economy have affected or are affecting your personal life and finances.
  • Address all components of the assignment prompt and use the assignment description to structure text.
    • Review your assignment to ensure your written responses address all aspects of the div prompts and are well crafted.

Review your assignment to ensure that it meets all criteria before submitting the completed div to the assignment area.

Additional Requirements

  • Written communication: Communicate in a manner that is scholarly, professional, respectful, and consistent with expectations for professional practice in education. Original work and critical thinking are required. Your writing must be free of errors that detract from the overall message.
  • Font and font size: Times New Roman, 12 points.
  • Sources: Two sources are required. One of these sources may be one of the course readings or videos; the second source must be obtained from the Capella library databases.

Competencies Measured

By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies and scoring guide criteria:

  • Competency 1: Explain how economic principles impact aspects of personal and professional life.
    • Describe how a relevant economic concept applies to a scenario.
    • Describe the economic trends that created the need for a change in expenditures.
    • Reflect on how changes in economic variables may impact one’s personal life and finances.
  • Competency 2: Develop financial plans to manage budgets and economic goals, while considering economic drivers, necessary resources, and uncertainty.
    • Summarize changes in expenditures between budgets.
    • Provide the rationale for budget decisions made in response to economic changes.
  • Competency 5: Develop professional written communication in a well-organized text, incorporating appropriate evidence and tone in grammatically sound sentences.
    • Address all components of the assignment prompt and use the assignment description to structure text.

Part 2

Overview

Figuring out how exactly to make ends meet and save to meet financial goals can be highly challenging, given the expenses of daily living. A financial plan helps you identify how you can reach your short- and long-term goals, and leverage planning and organization strategies to make meaningful, incremental progress toward realizing these goals. This assignment gives you the opportunity to apply what you’ve learned about personal financial planning, productivity strategies, and the use of Excel to develop a personal financial plan aligned to your financial goals.

Build your productivity skill by creating a plan for reaching a specific financial goal within an identified time frame. You will use productivity strategies to break financial planning into manageable, organized steps, and use Excel to develop a realistic plan that is aligned to your financial goal and considers economic drivers, requirements, and resources.

Preparation

Read the following scenario for assignment context. Look over the Week 5 Assignment Excel Template [XLSX] Download Week 5 Assignment Excel Template [XLSX]and Week 5 Assignment Word Template [DOCX] Download Week 5 Assignment Word Template [DOCX]. Your completed divs will be the deliverables for this assignment; make sure you have finished all sections of the Excel div and have provided at least one paragraph of 4–7 sentences per section in the Word div.

Scenario

You were offered a promotion in another city. You need to consider whether to turn your home into an investment (rental) property or sell it. In both scenarios, consider the implications for your ability to purchase a new home in a new city. Do you need to rent first in your new city? Or can you buy a new home?

Congratulations on your promotion.

Instructions

Using what you have learned about budgeting, financial planning, and Excel, complete the Week 5 Assignment Excel Template [XLSX] Download Week 5 Assignment Excel Template [XLSX]. Take care to populate only those cells marked for your data entry. Then, complete the Week 5 Assignment Word Template [DOCX] Download Week 5 Assignment Word Template [DOCX]to explain and reflect on your rationale for the choices you made in your financial plan, as well as reflect on the productivity strategies you used during the process. Remember to turn in both completed divs once you are finished.

Create a personal financial plan that estimates new salary and housing options: value of home, profit for sale of home, or profit from rental revenue:

  • Use the Week 5 Assignment Excel Template [XLSX] Download Week 5 Assignment Excel Template [XLSX]to create your financial plan. Important: Pay attention to cells with red triangles at the upper right corner. They contain helpful comments for your budgeting or data entry.
  • Identify a realistic time frame for reaching your new housing goal.
    • Use the Week 5 Assignment Word Template [DOCX] Download Week 5 Assignment Word Template [DOCX]to complete this and next steps. Consider the housing goal from your financial plan. Report a realistic time frame for reaching this goal.
      • What is your time frame for reaching your new housing goal?
      • How did you determine the time frame? Think about how long you expect it to sell or rent your current home, the price of purchasing or renting in your new city, and so on.
      • Use research from the course readings or outside sources to support your time frame.
  • Explain your choice of housing and how it supports achieving the selected financial goal based solely on expense consideration (both housing- and nonhousing-related expenses).
    • Look at your goal, decision about what to do with your original home, and the other expenditures you chose in your financial plan.
    • Explain why you chose the housing option you did (what you did with your original home as well as your housing goal in your new city).
    • Discuss how your other expenditure decisions help you reach your housing goal in your new city.
  • Reflect on the productivity strategies used to break down the financial plan into smaller steps to help stay organized and productive.
    • Think about the productivity resources that were presented in the course, then think about the process you used for completing your financial plan.
    • Write about how you used one or more of the productivity strategies or resources to help you create a more effective and/or organized process for researching and completing your financial plan.
  • Convey purpose in an appropriate tone and style, incorporating supporting evidence and adhering to organizational, professional, and scholarly writing standards.
    • Review your assignment to ensure your written responses are relevant, clear, and address the prompts in the div thoroughly.

Submit your completed Week 5 Assignment Excel Template and Week 5 Assignment Word Template.

Additional Requirements

  • Written communication: Communicate in a manner that is scholarly, professional, respectful, and consistent with expectations for professional practice in education. Original work and critical thinking are required. Your writing must be free of errors that detract from the overall message.
  • Font and font size: Times New Roman, 12 points.
  • Sources: Two sources are required. One of these sources can be one of the course readings or videos. The second source must be obtained from the Capella library databases.

Review the scoring guide before submitting your assignment to ensure that you meet all criteria.

Competencies Measured

By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies and scoring guide criteria:

  • Competency 2: Develop financial plans to manage budgets and economic goals, while considering economic drivers, necessary resources, and uncertainty.
    • Create a personal financial plan that estimates new salary and housing options: value of home, profit for sale of home, or profit from rental revenue.
    • Identify a realistic time frame for reaching a new housing goal.
    • Explain a housing choice and how it supports achievement of a financial goal based solely on expense consideration (housing- and nonhousing-related expenses).
    • Reflect on the strategies used to break down the financial plan into smaller steps to maintain organization and productivity.
  • Competency 5: Develop professional written communication in a well-organized text, incorporating appropriate evidence and tone in grammatically sound sentences.
    • Convey purpose in an appropriate tone and style, incorporating supporting evidence and adhering to organizational, professional, and scholarly writing standards.

Part 3

Overview

Conducting a personal financial analysis is one way to check your progress toward your financial goals and see how well you have stayed on track with your finances over a period of time. Using technology can help you stay organized throughout your analysis, as well as help you visualize financial data. Visual data display will enable you to observe general trends in your personal finances and communicate them effectively.

For this assignment, you will be using Excel to analyze and display personal financial data. You can also apply the approach to learning and working with Excel software in this course when using other technology tools in your life and career.

Practice the technology skill and build your confidence by conducting a personal financial analysis using Excel to organize three monthly budgets and visualize this financial data using graphs or charts. You will discuss the results of your financial analysis in the provided Word div, including progress toward your selected financial goal from your Week 5 Assignment.

Preparation

Read the following scenario to understand the context for this assignment. Read the Week 7 Assignment Excel Template [XLSX] Download Week 7 Assignment Excel Template [XLSX]and the Week 7 Assignment Word Template [DOCX] Download Week 7 Assignment Word Template [DOCX]. These completed divs will be your deliverables for this assignment. Make sure you have populated all sections of the Excel div and are providing at least one paragraph of 4–7 sentences per section in the Word div.

Scenario

Three months have passed since you created your initial financial plan (for the Week 5 Assignment). A friend who is studying to become a financial advisor recommends that you check your progress toward your savings goal. She volunteers to help you conduct a financial analysis of your personal budget over three months. You meet with your friend each month to go over your analysis. Through her studies, she’s learned that people understand budget concepts better when they are represented as visuals, so she asks you to create some.

For this assignment, you will make three monthly budgets. Your income increases each month. The formulas for these increases have been placed in cells H7 and M7 of the Week 7 Assignment Excel Template [XLSX] Download Week 7 Assignment Excel Template [XLSX]. Additionally, in the Month 2 Budget and the Month 3 Budget, cells H16 and M12 have been populated with a formula to represent an unexpected expense in that category for the month. Do not modify these cells. For Months 2 and 3, you will need to reallocate your budget around your increased income and unplanned expenses.

Instructions

Using what you have learned about budgeting, Excel, and creating data visualizations, complete the Week 7 Assignment Excel Template [XLSX] Download Week 7 Assignment Excel Template [XLSX]. Then complete the Week 7 Assignment Word Template [DOCX] Download Week 7 Assignment Word Template [DOCX]to explain and reflect on the process and results of your personal financial analysis. Remember to turn in both completed divs when finished.

For this assignment, complete the following steps:

  • Create a personal financial analysis with three monthly budgets and progress toward a savings goal.
  • Create appropriate graphs to illustrate the findings of a personal financial analysis.
    • Create three appropriate graphs or charts (one per month) in Excel to show the findings of your personal financial analysis. Each should show how you have allocated your income among the various categories. Additionally, create a graph that shows your progress toward your savings goal based on the information you input into the Financial Goal Savings Progress table. Choose the type of graph that you think would best illustrate your progress.
  • Explain how selected graphs are the best choice to communicate financial information.
  • Explain the results of a personal financial analysis, including overall progress toward savings goals, potential budget adjustments, and possible economic or life impacts that may affect the budget in the coming year.
    • Look at the results of your financial analysis and explain your key findings. These should include overall progress toward savings goals, potential budget adjustments, and possible economic or life impacts that could have implications for your budget in the coming year.
    • Compare the different types of debt so you can identify the debts that are the costliest to carry. Show your calculations and explain why paying down these debts would help you to save faster.
  • Project how the financial analysis will look in one year.
    • Think about a year from now (that is, your Month 3 Budget) and predict what your financial state might reasonably look like. Make sure you consider potential changes with economic implications such as income growth and inflation of consumer prices. Identify ways you might save more money.
  • Articulate meaning relevant to the main topic, scope, and purpose of the prompt.
    • Review your assignment to ensure your written responses are relevant, clear, and thoroughly address the prompts in the div.

Remember to submit both the completed Week 7 Assignment Excel Template and Week 7 Assignment Word Template for this assignment.

Additional Requirements

  • Written communication: Communicate in a manner that is scholarly, professional, respectful, and consistent with expectations for professional practice in education. Original work and critical thinking are required regarding your assignment and scholarly writing. Your writing must be free of errors that detract from the overall message.
  • Font and font size: Times New Roman, 12 points.
  • Sources: Two sources are required. One of these sources can be one of the course readings or videos. The second source must be obtained from the Capella library databases. Remember to cite your sources using an appropriate scholarly style.

Review the scoring guide before submitting your assignment to ensure that you meet all criteria.

Competencies Measured

By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies and scoring guide criteria:

  • Competency 1: Explain how economic principles impact aspects of personal and professional life.
    • Project how the financial analysis will look in one year.
  • Competency 3: Explain the findings of a personal financial analysis with regard to progress toward a financial goal.
    • Create a personal financial analysis with three accurate monthly budgets and progress toward a savings goal.
    • Explain the results of a personal financial analysis, including overall progress toward savings goals, future budget modifications, and economic or life changes that may affect the budget in the coming year.
  • Competency 4: Create spreadsheets, charts, graphs, or other data visualizations to organize and present financial information.
    • Create appropriate graphs to illustrate the findings of a personal financial analysis.
    • Explain how selected graphs are the best choice to communicate financial information.
  • Competency 5: Develop professional written communication in a well-organized text, incorporating appropriate evidence and tone in grammatically sound sentences.
    • Articulate meaning relevant to the main topic, scope, and purpose of the prompt.

Part 9

Overview

As a departmental or organizational leader, you are likely to be required to prepare a proposed budget for each fiscal year. Budgets provide parameters for achieving goals. Spend too much and you’ll have a deficit. Spend too little and you could have a surplus, which may not be a good sign if organizational goals have not been met. Using technology can help you stay organized throughout your analysis, as well as help you visualize financial data. Displaying the data visually will allow you to observe general trends in your department finances and to communicate about them effectively to stakeholders.

For this assignment, you will use Excel to analyze and represent department data. The approach to learning and working with Excel software in this course is one you can apply to other technology tools in your life and career as well.

Your goal for this assignment is to continue building your confidence in using a technology tool while conducting a department financial analysis. You will use Excel to organize quarterly and annual budgets, visualize this financial data using charts and graphs, and discuss the results of your financial analysis, including progress toward your department financial goal.

Preparation

Read the following scenario to understand the context for this assignment. Review the Week 9 Assignment Template [XLSX] Download Week 9 Assignment Template [XLSX]. This completed div will be one of your deliverables for this assignment.

Review the information under Audio and Video in this Course in Tools and Resources as needed for help with creating the video portion of the assignment. You may use Kaltura or other video recording software as long as the format is compatible with the courseroom.

Scenario

You are the associate administrator of a large department in the City of Acme with an operating budget of 1.8 million dollars. Your boss, the administrator, has asked you to create a presentation with graphs demonstrating proposed allocations for next fiscal year’s budget.

Instructions

Using what you have learned about budgeting, Excel, and creating data visualizations, complete the Week 9 Assignment Template. Then create a 5–10 minute video in which you present your proposed budget to the department and leadership.

For this assignment, complete the following:

  • Prepare a proposed budget based on a professional financial analysis of a year-to-date budget.
  • Create appropriate graphs to illustrate the findings of a professional financial analysis.
    • Make graphs for the current year budget, the year-to-date budget, and the proposed budget.
      • Remember, you may wish to display these graphs during your video, so it is worth considering the audience for your video and how the graphs will appear during the presentation.
      • Use Excel to create these graphs in the Week 9 Assignment Template.
  • Explain the results of a professional financial analysis, including overall progress and why the proposed budget is the best possible forecast for the new year.
    • Make a video presentation using Kaltura (or another courseroom-compatible video recording method you are familiar with) in which you review your analysis and proposed budget. At the end, briefly explain your choice of graphs.
      • Make your recommendation for the budget with your logic for any proposed increases or decreases.
      • Discuss whether your final budget is conservative (meaning in the worst possible scenario it would still work) or aggressive (meaning that all budget metrics must be met to avoid a deficit next year).
  • Explain how selected graphs are the best choice to communicate financial information.
    • Discuss the graphs that you chose to present the data from the three budgets in the Week 9 Assignment Template.
      • How do they help the audience better understand the presented financial data?
      • How are they better than other types of graphs you considered?
  • Address the appropriate audience, using familiar, discipline-specific language and terminology.
    • Are you using appropriate economic and finance terminology?
    • Is the language you are using appropriate for the scenario and your role as an assistant administrator?
    • Are you speaking to the designated audience of department members and leadership in your presentation?

Submit the completed Week 9 Assignment Template as well as the 5–10 minute video presentation recording.

Additional Requirements

  • Communication: Communicate in a manner that is scholarly, professional, respectful, and consistent with expectations for professional practice in education. Original work and critical thinking are required. Your writing must be free of errors that detract from the overall message.
  • Video presentation: 5–10 minutes.

Review the scoring guide before submitting your assignment to ensure that you meet all criteria.

Competencies Measured

By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies and scoring guide criteria:

  • Competency 3: Explain the findings of a personal financial analysis with regard to progress toward a financial goal.
    • Create a proposed budget based on a professional financial analysis of a year-to-date budget.
    • Explain the results of a professional financial analysis, including overall progress and why the proposed budget is the best possible forecast for the new year.
  • Competency 4: Create spreadsheets, charts, graphs, or other data visualizations to organize and present financial information.
    • Create appropriate graphs to illustrate all findings of a professional financial analysis.
    • Explain how selected graphs are the best choice to communicate financial information.
  • Competency 5: Develop professional written communication in a well-organized text, incorporating appropriate evidence and tone in grammatically sound sentences.
    • Address the appropriate audience, using familiar, discipline-specific language and terminology.
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