Description
Instructions
1. Pick at least eight economic concepts and/or models that you learned in class.
2. Briefly describe the model/concept.
3. Explain how the concepts/models can be adapted to your needs and experience (your future career or a current job position). In order to make this discussion meaningful you need to explore a career of your choice first, and then think about applications of the economic concepts. Use at least 200 words to discuss each concept or model.
4. Briefly discuss one or two reading and/or video sources from the course modules. Explain why you find those resources useful.
Your response may be arranged in a table:
Concept 1:........... |
Definition:............. |
Application: ………….. |
Relevant Source(s):............... |
…….
Concept 8:........... |
Definition:............. |
Application: ………….. |
Relevant Source(s):............... |
Use these two links for the concepts - https://docs.google.com/document/d/1ILRZ0sThWnUZyl...
https://docs.google.com/document/d/1_zkF7fg2I68P1J...
Grading Rubric:
A, 3.6-4 | B, 3.2-3.5 | C, 2.8-3.1 | D, 2.4-2.7 | |
Economic Concepts | Economic concepts are well defined and discussed according to lesson instructions. | |||
Analysis | Relevance of each concept is explained. Practical applications of concepts and models are well presented. | |||
Organization | Organization is clear, information is logically organized. Presentation is visually appealing: Format, use of fonts and highlighting is appropriate and enhances readability of the paper. | |||
Grammar, Punctuation, Spelling | Rules of grammar, usage, and punctuation are followed; spelling is correct. | |||
Sources | Sources are mentioned and relevance is explained. |
Explanation & Answer
Hey there, I am attaching your final answer. I hope this helps! We still have plenty of time to make any necesary changes, so please don't hesistate to let me know if you have have questions or need anything updated. Thanks!
1) Gross domestic product is considered to be the best way to measure the economy of a
country. In the reading assignment "Measuring a Nation's Income" it is explained that it
is best to us gross domestic product as a measure of economic growth in the long run.
My ultimate career goal is to own and run my own clothing boutique. Considering the
gross domestic product would be very helpful in my business. Because the amount of
money spent by consumers plays a large part of calculating the gross domestic product, it
is an excellent tool for me to use to determine how much my customers are likely to
spend on my products at a given time.
It is also a good practice for small business, such as the boutique I hope to open to predict
how profitable my business will be within a certain time frame. If I notice that gross
domestic product is beginning to decline, I will know that there is a strong possibility that
I may not be able to sell as much product I had in the past and lower my inventory, bring
my prices down to a lesser amount and not plan any sort of expansion for my business
within the near future.
The gross domestic product is also a tool I can use as a small business owner how
successful my boutique is in comparison with other businesses.
2) A video in a recent class module discussed the concepts of a business cycle. I think that
the information in that video will be exceptionally helpful for me when I own and run my
own clothing boutique. Because my business will be small and I will not have a chief
financial officer to turn to as the economy in the United States ebbs and flows, it is
important that I understand this concept myself.
The video explained that a business cycle is typically measured by the gross domestic
product as well as other factors. There are usually four stages that occur within a business
cycle. Those stages are recession, recovery, growth and decline.
When a business cycle is in the stage of recession, I will understand th...
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