Economics Week 2 Paper

In: Business and Management

Submitted By zkinney68
Words 1123
Pages 5
Economic Factors
Economics affects everyone on a day to day bases whether aware of this fact or not. Economics in a nut shell is the branch of study and knowledge concerned with the production, consumption and transfer and allocation of wealth. Specifically we will be looking at the branch of economics known as macroeconomics or the economy as a whole and globally. Every action that involves goods, services, and money affects the economy of a country or nation. Simple actions such as shopping or buying groceries can have a huge effect on an individual, business and governmental level. Other factors that have a huge effect on global economics are layoffs and unemployment, as well as government actions such as tax increases or decreases.
Food is a necessity for the survival and ability for individuals to thrive. Buying groceries is a task that most have come to hate, but realize the need to continue this act. Every time a grocery cart is loaded, paid for and bagged the economy is affected. Households business and even government are affected by the production, distribution and purchasing of groceries.
On an individual and house hold level, families have to budget for groceries. Food is dire for survival, but for some people living pay check to pay check obtaining food can become a constant worry over having the necessary funds. According to “USDA” (2015) “the food-at-home (Grocery store or super market food items) CPI was down 0.5 percent in March and is 1.9 percent higher than last march.” As prices of groceries continue to rise families are having to cut back on the amount of groceries being bought, or buy lower grade and less healthy food.
Businesses are directly affected by the increase in grocery prices as well. Distribution as well as production prices have increased, which means that mixed with a decrease in groceries purchased leaves grocery stores and…...

Similar Documents

Appendix B Week 2 Economics

...quantity will decrease. Hurricanes in the Gulf Coast Oil and Seafood supply Not as much oil or seafood to offer consumers. Price will increase and quantity will decrease Cost of cotton decreases Clothing supply More clothes will be made available to offer to consumers Price will decrease and quantity will increase. Technology improves efficiency in pasta manufacturing Pasta or pasta related products (bought in supermarkets or sold in restaurants) More pasta or pasta related products available to offer to consumers Price will decrease and quantity will increase. 1. What do substitutes refer to in economics? Give an example of two substitutes. A substitute refers to an alternate good that consumers are able to purchase when the original good had a price increase. An example of two substitutes would be butter and margarine; or Miracle Whip for mayonnaise. 2. Define “Price Elasticity of Demand.” Give an example. This term is a measure of how much quantity demanded of a product responds to a change in the price of that product. Some goods are elastic or inelastic. Like a life-saving surgery would be extremely inelastic (you would want to do it at any price) while a dollar would be extremely elastic (you wouldn't pay two dollars for a dollar, etc). Most goods are somewhere in between. 3. Determine if the demand for the following products is price elastic or price inelastic, and explain your answer. In your explanation, be sure to include how the necessity......

Words: 554 - Pages: 3

Week 2 Paper

...KEY TERMS INTRODUCED OR EMPHASIZED IN CHAPTER 9 accelerated depreciation Methods of depreciation that call for recognition of relatively large amounts of depreciation in the early years of an asset’s useful life and relatively small amounts in the later years. amortization The systematic write-off to expense of the cost of an intangible asset over the periods of its economic usefulness. book value The cost of a plant asset minus the total recorded depreciation, as shown by the Accumulated Depreciation account. The remaining undepreciated cost is also known as carrying value. capital expenditures Costs incurred to acquire a long-lived asset. Expenditures that will benefit several accounting periods. capitalize A verb with two different meanings in accounting. The first is to debit an expenditure to an asset account, rather than directly to expense. The second is to determine the amount of an investment by dividing the annual return by the investor’s required rate of return. depletion Allocating the cost of a natural resource to the units removed as the resource is mined, pumped, cut, or otherwise consumed. depreciation The systematic allocation of the cost of an asset to expense over the years of its estimated useful life. fixed-percentage-of-declining-balance depreciation An accelerated method of depreciation in which the rate is a multiple of the straight-line rate and is applied each year to the undepreciated cost of the asset. The most......

Words: 732 - Pages: 3

Week 2 Paper

...Week 2 Paper Ethical behavior is one of the most important things in the world. While that is a simple statement it is true. Ethics affect every aspect of life be it positive or negative. Ethical behavior in research is no different from the application of ethics to any other practice or activity. Unethical behavior in research can destroy careers, companies, and even the economy. Consumers and producers alike count on factual research to make their decisions. For this paper I have selected an article that depicts unethical behavior in regards to medical research. I will discuss what unethical research behavior was involved, who the injured parties were, how the unethical behavior affected parties involved, and how the unethical behavior could have been avoided or resolved? Unethical Medical Research Medical research is a hot topic regardless of what is being researched. Test methods, subjects, conditions and even what is being tested are constantly under ethical scrutiny. The article I selected is titled “Unethical Medical Studies: From Past to Present” and was written by Dana Consalvo. The article sites various cases of what would be considered unethical research by modern standards ranging from infecting unsuspecting mental patients to utilizing prisoners in jail in exchange for pardons. A known statement in regards to research in general is “first do no harm” which actually condemns the majority of the studies listed. Various examples provided depict subjects being......

Words: 654 - Pages: 3

Eco 372 Week 2 Paper

...Economic Activities ECO/372 Principles of Macroeconomics June 24, 2013 Johnny Shull Abstract This paper will review and describe gross domestic product, real gross domestic product, interest rates, inflation and unemployment. This paper will also review the decrease in taxes, massive layoff, and the purchasing of groceries and how they affect households, businesses as well as the government. Everything what happens within an economy sets off a chain reaction whether its big or small. One negative reaction could lead to a whole line of negative reactions which impacts consumers, businesses, and the government and vice versa for the positive impacts. Economic Activities Gross domestic product (GDP) measures the complete market worth for products and services sold and bought by organizations and consumers within an economy in a years’ time. Nominal GDP is a form of real GDP but the difference is that nominal GDP creates room for inflation with in the economy. Interest rate is the percentage of added to an amount that has to be paid back but there are two kinds of interest rates which are nominal and real. Nominal interest rates are those that are inflated and cause your principle balance to be more than what it originally is. Real interest rate is the actual amount of what you would be repaying due to the inflation (Colander, 2010). Economic changes are measured in real GDP which reflects the market value of the products that are sold within the economy for......

Words: 888 - Pages: 4

Week 2 Paper

...Week 2 Case Brief Due Sunday Midnight 1. State the administrative agency which controls the regulation. Explain why this agency and your proposed regulation interests you (briefly). Will this proposed regulation affect you or the business in which you are working? If so, how? Submit a copy of the proposed regulation along with your responses to these five questions. The proposed regulation can be submitted as either a separate Word document (.doc) or Adobe file (.pdf). This means you will submit two attachments to the Week 2 Dropbox: (a) a Word document with the questions and your answers and (b) a copy of the proposed regulation you used for this assignment. (10 points) 2. Describe the proposal/change. (10 points) 3. Write the public comment that you would submit to this proposal. If the proposed regulation deadline has already passed, write the comment you would have submitted. Explain briefly what you wish to accomplish with your comment. (10 points) 4. Provide the "deadline" by which the public comment must be made. (If the date has already passed, please provide when the deadline was). (5 points) a. Once you have submitted your comment, what will you be legally entitled to do later in the promulgation process (if you should choose to do so)? (See the textbook's discussion of the Administrative Procedure Act.) b. If the proposal passes, identify and explain the five legal theories you could use in an attempt to have (any)...

Words: 279 - Pages: 2

Eco Week 2 Paper

...Supply and Demand Simulation Allison Mullen Microeconomics 365 March 11, 2013 Vilma Vallillee Supply and Demand Simulation Macroeconomics looks at the economy as a whole, concentrating on factors such as interest rates, inflation, and unemployment (Colander, 2010). It also studies economic growth and the government’s role to moderate the harm caused by recessions. During the simulation government intervened and tried to set a price ceiling on two bedroom apartments to provide homes for those that were struggling in hard economic times. The simulation also talked about population trends and how they affect decisions in the marketplace. For instance, an increase in population caused demand for two-bedroom apartments to increase, but a change in preferences caused demand to increase. Microeconomics focuses on individual people and individual businesses (Colander, 2010). It analyzes individual entities or activities such as supply and demand in the market, and the effects of behaviors and decisions. The simulation gave two examples of microeconomic behavior as it explained how individuals react when faced with decisions about how to spend their money. It also stated that Atlantis was considered a monopoly because it has no housing development competitors nearby. Their profit incentives lead them to raise prices and lower output in order to get the most out of consumers. In determining the rental rate for Atlantis tenants it is important to understand that......

Words: 768 - Pages: 4

Fundamental Economic 372 Week 2

... Fundamental of economics ECO372 week 2 Student’s Name Institutional attachment The purpose for this paper is to analyze the some of the macroeconomic scenarios that we always see or her in the business community. Firstly, we will look how the purchasing of groceries can have effect on the economy. Next, the paper will study how massive employ layoffs can cause ripple in the economy then lastly to examine the impact of decrease taxes. All these concepts will underline the fundamental importance of macroeconomic principle in the business society. Purchasing of groceries The demonstration of purchasing goods is impact by numerous elements in the business world. The sustenance we purchase from some foodstuffs were cultivated and transported in from a separation far from some staple goods. Each nation revels in distinctive benefits with regards to importation of produce from outside the nation along these lines making it more paramount to get to basic need item. At the point when a nation endeavors to create various sorts of goods items generally it would be less proficient and the cost and supplies would be influenced antagonistically. The interest of customers will dependably be high for some perishables items and the nation with high similar preference in the free global exchange will succeed. Gathering to extra layer to intricacy to buying staple goods is controlled by government. Government can force duty, amounts,......

Words: 756 - Pages: 4

Week 2 Ethics Paper

...receiving this new heart and the fact that he is currently here awaiting this procedure, he can be prepped and ready to go by the time the heart arrives at the hospital making him the perfect choice. Lisa would be my choice because of her age, 12 years old, and the fact that she has been living health issues all of her life and she has a lot to live for. Due to a battle with pneumonia a year ago, her heart was damaged and actually stopped, but because of her mother’s quick thinking, and ability to perform CPR, her life was spared. A few issues I do have with her situation are the facts that she is not currently here in the hospital and is not in immediate danger. Also, her father is an oncologist here in this hospital, and he has offered $2 million to the hospital if she receives the transplant. Most would say that because of her father’s gift to the hospital it is an attempt to bribe the hospital and strengthen his daughter’s position for receiving the transplant. As the person that has to make this decision, this appalls me because even though Lisa should receive the transplant her father’s actions require me to eliminate her from contention. As for Ozzy the decision is simple, he is a homeless drug user that has no regard for his own life or most likely the regard for anyone else’s. I can’t justify giving this person a transplant that would temporarily keep him alive for him to eventually destroy it. In closing I have stated already that I have chosen Jerry for......

Words: 542 - Pages: 3

Week 2 Cis/211 Paper

...A word processor is a computer program used to write, edit, print, and publish documents for school, work, or even use at home. A word processor in general can be used to create any type of document in plain text, rich text document, HTML, and XML documents. It also has many templates for use such as tables, and graphs for use with your papers and many other features. Microsoft Word is the word processor made by the Microsoft Incorporation, and usually comes in a package known as Microsoft Office and comes with other software such as Power Point, Excel, Groove, Outlook and other useful tools. Some of its features include: • Cut or copy and paste. • Formatting text: such as changing the size of the font, changing the color and even highlighting important phrases so those portions stand out. • Bullets and Borders: for keeping your paper organized. • Spelling and Grammar check: Which helps correct mistakes with spelling and grammar errors. I would first greet the customer with a positive attitude to make him or her feel more comfortable, I would also thank the person for calling. I would then ask her how I could help her or if there was something she needed help with. One possible challenge is people from other countries often have accents that sometimes make things impossible to understand, and also sometimes they may not understand fully what they are talking about. You can overcome this by speaking slowly or asking if the customer......

Words: 932 - Pages: 4

Eco 372 Week 2 Weekly Reflection Economic Forecasting Paper

...ECO 372 Week 2 Weekly Reflection Economic Forecasting Paper Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser http://hwguiders.com/downloads/eco-372-week-2-weekly-reflection-economic-forecasting-paper/ For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar (http://hwguiders.com/ ) Develop a list of resources you might use to gather historical economic data as well as economic forecast data. Explain how and why each source is valuable and useful. Identify any quantitative or qualitative forecasting factors contained in the sources. Discuss this week’s objectives with your team. Your discussion should include the topics you feel comfortable with, any topics you struggled with, and how the weekly topics relate to application in your field. Write a 350- to 1,050-word paper that details your team’s findings. ECO 372 Week 2 Weekly Reflection Economic Forecasting Paper Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser http://hwguiders.com/downloads/eco-372-week-2-weekly-reflection-economic-forecasting-paper/ For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar (http://hwguiders.com/ ) Develop a list of resources you might use to gather historical economic data as well......

Words: 3543 - Pages: 15

Week 2 Ethics Paper

...Ethics Paper Instructor: Due Date: 08/25/2014 Ethics Paper For all businesses ethical and social responsibility is of paramount importance with regard to customers, partners, clients and the general public. Ethics and social responsibility are more then just what is agreed to and written on paper; there is a great need for businesses to display a ethical nature in all their dealings such as company shareholders to employees, employees to consumers, employees to other employees, and employees to clients. For the majority of companies in today’s business world great many proactive measures are taken to train employees and ensure the maintenance of the companies ethical practices. The time and money spent of maintaining those practices helps to reduce and avoid any internal or external conflicts or issues that might arise. Another critical piece of the puzzle for dealing with ethical concerns is the component of strategic management. The overall goals and expectations for ethics and social responsibility are very similar throughout all companies, the differences occur with how each company take action to address any issues in or out of the work place. This paper will cover businesses ethical and social responsibilities in addition to the strategic planning that is involved with regard to stakeholders and the businesses management In the dictionary ethics is described as, “moral principles that govern a...

Words: 913 - Pages: 4

Res 342 Week 2 Paper

...Nonparametric Hypothesis Testing Paper Nonparametric Hypothesis Test:. Research can be focused in a number of ways, to help refine our topic to a point where we have clear hypotheses statements. If the housing industry was determined to be doing better than the rest of the economy, a hypothesis test might be in order, with mean prices greater than other housing industries. The test to determine the difference is the one sample run (Wald- Wolfowitz test to determine the mean prices to be equal to each home cost (Doane & Seward, 2007). However, March home sales were higher than expected. Our Presidents recent trip aboard has secured enough raw material and additional energy products to secure the USA zone of growth for 100 years. We believe America remains at the top of the economic world and by far the most secure in the housing industry recovery (Dohrmann B, 2011). More often than not, homeowners has maximize their time and search for the best sales for homes by searching information about homes sales and choices(Rosales L. 2011). The housing industry can also find the best buyer’s options that are available to him or her in a similar way that real estate agencies can seek the best sales on homes. However, the homes of the homeowners in the housing industry are set by the regional, state, and local expectations of the buyers and not so much by differences in qualifications of the homeowners. There are still a bright light in our housing futures across the nation (Rosales......

Words: 957 - Pages: 4

Week 2 Paper

...proposed regulation affect your or the business in which you are working? If so, how? Submit a copy of the proposed regulation along with your responses to these five questions. The proposed regulation can be submitted as either a separate Word document (.doc) or Adobe file (.pdf). This means you will submit two attachments to the Week 2 Drop box: (a) a Word document with the questions and your answers and (b) a copy of the proposed regulation you used for this assignment. The administrative agency which controls the regulation is Department Of Transportation. This proposed regulation interests me because I am a cigarette smoker, and I travel in between Asia and the United States periodically. I take long flights where smoking is prohibited in the aircraft, and it is difficult to people who smokes not to have any cigarette or any electronic cigarette. But also, I do understand and agree to prohibition of smoking in the aircraft is to make sure the clean air is circulating within the aircraft. This regulation would keep people who do not smoke away from second smoking and the ones who smoke put in a consideration of quitting smoking. 2. Describe the proposal / change. The proposed regulation is to amend its existing airline smoking rule to explicitly ban the use of electronic cigarettes on all aircraft in scheduled passenger interstate, intrastate and foreign air transportation. The Department is also considering whether to extend the ban on smoking......

Words: 922 - Pages: 4

Week 2 Paper

...WEEK 2 PAPER GROUP A: EVALUATING THE PILOT AND THE DOCTOR SITUATION WAS A CATCH 22 TYPE SITUATION. THE DOCTOR SHOULD REPORT THE HEALTH ISSUE BECAUSE HE IS MANDATED TO DO SO, AS WELL AS THE FACT HE TOOK AN OATH. THERE WOULD BE NO REAL GOOD LEGAL REASON TO IGNORE HIS FINDINGS. AND AS SUCH, HE SHOULD HAVE REPORTED IT. BUT LOOKING AT THE FACT THAT THE GUY ONLY HAD A MONTH TO GO BEFORE HIS RETIREMENT, AND THE FINDINGS WOULD TAKE THAT AWAY, I CAN SEE WHERE THE ISSUE OF NOT WANTING TO REPORT IT CAN BE A PROBLEM. IF SHE HOLDS BACK THE FINDINGS, HE COULD RETIRE AND BE OK. IF SHE DOESN’T, HE WILL LOSE HIS RETIREMENT. THIS SITUATION IS THE EVERLASTING AND ENDURING ONE OF RIGHT VERSUS WRONG OR SHOULD AND SHOULDN’T…IT WILL END BADLY IF THE DOOCTOR REPORTS IT, OR IT WILL END BADLY BECAUSE IF CAUGHT, THE DOCTOR COULD LOSE HER LICENSE AND THE GUY WILL LOSE HIS RETIREMENT. SO EITHER WAY IT’S A LOSING SITUATION AND OUTCOME. GROUP B: RHONDA SHOULD HAVE KNOWN BETTER THAN TO PARTICIPATE IN THE GOSSIPPING SESSION. WHEN SHE FELT THAT FIRST FEELING OF BEING INCOMFORTABLE, SHE SHOULD HAVE ACTED ON THAT AND POLITELY EXCUSED HERSELF, THEN LEFT. THINKING THAT BY JOINING IN THE CONVERSATION AND GOING ALONG WITH IT WAS OK IS ABSOLUTELY THE WRONG THING TO AVE DONE. THERE ISN’T EVEN A QUESTION OF BEING RIGHT OR WRONG. BECAUSE WHAT SHE DID IS ABSOLUTELY WRONG SINCE IT DEMEANS HER FRIENDS AND COWORKERS, PUTS HER IN THE SAME CATEGORY AS THOSE STARTING THE GOSSIP FEST, AND IT......

Words: 300 - Pages: 2

Res342 Week 2 Paper

...they have more money in their accounts. Conclusion Appendix / Data Set Balance ATM Services Debit Interest City 1756 13 4 0 1 2 748 9 2 1 0 1 1501 10 1 0 0 1 1831 10 4 0 1 3 1622 14 6 0 1 4 1886 17 3 0 1 1 740 6 3 0 0 3 1593 10 8 1 0 1 1169 6 4 0 0 4 2125 18 6 0 0 2 1554 12 6 1 0 3 1474 12 7 1 0 1 1913 6 5 0 0 1 1218 10 3 1 0 1 1006 12 4 0 0 1 2215 20 3 1 0 4 137 7 2 0 0 3 167 5 4 0 0 4 343 7 2 0 0 1 2557 20 7 1 0 4 2276 15 4 1 0 3 1494 11 2 0 1 1 2144 17 3 0 0 3 1995 10 7 0 0 2 1053 8 4 1 0 3 1526 8 4 0 1 2 1120 8 6 1 0 3 1838 7 5 1 1 3 1746 11 2 0 0 2 1616 10 4 1 1 2 1958 6 2 1 0 2 634 2 7 1 0 4 580 4 1 0 0 1 1320 4 5 1 0 1 1675 6 7 1 0 2 789 8 4 0 0 4 1735 12 7 0 1 3 1784 11 5 0 0 1 1326 16 8 0 0 3 2051 14 4 1 0 4 1044 7 5 1 0 1 1885 10 6 1 1 2 1790 11 4 0 1 3 765 4 3 0 0 4 1645 6 9 0 1 4 32 2 0 0 0 3 1266 11 7 0 0 4 890 7 1 0 1 1 2204 14 5 0 0 2 2409 16 8 0 0 2 1338 14 4 1 0 2 2076 12 5 1 0 2 1708 13 3 1 0 1 2138 18 5 0 1 4 2375 12 4 0 0 2 1455 9 5 1 1 3 1487 8 4 1 0 4 1125 6 4 1 0 2 1989 12 3 0 1 2 2156 14 5 1 0 2 References Century Bank http://www.centurybank.com/about/investorrelations.cfm Cross-selling. (2012). In InvestorWords.com. Retrieved from http://www.investorwords.com/1224/cross_selling.html Doane, D. P. (2007). Applied Statistics in Business and Economics (1st ed.). : McGraw-Hill. Finextra Research. (2012). Retrieved from......

Words: 1633 - Pages: 7