10 Things Learned

-The process macroeconomists use to track production, income, and consumption is known as national income accounting and provides information about a country's economic activities.

-The most widely used NIPA is Gross Domestic Product.

-To actually compute GDP, economists use the output-expenditure model.

-Personal consumption expenditures include durable goods, nondurable goods, and services.

-Gross investment is the total value of all capital goods produced in a given country in one year as well as changes in the dollar value of business inventories.

-Indirect taxes are taxes included in the final price of goods and services.

-Barter transactions, housework, and do-it-yourself home repairs are examples of non-market activities.

-Illegal activities and unreported legal activities are part of the underground economy.

-A price Index is a set of statistics that allows economists to compare price over time.

-Government transfer payments are not included when calculating government purchases.

Dear Editor...,

The GDP is a faulty indicator for numerouos reasons.  One because different geographics have access to different materials  causeing an unfair imbalance in the world of industry and the market of certain countries.  Another reason is because GDP measures total output produced within a country's borders, whether produced by that country's own firms or not. A different method that could be used could possibly be GNP because that more accuratley measures a country's total profits.

4x3 Technique

GDP=PC+GI+GS+(E-I)

(GDP=Private Consumption+Gross Investment+Government Spending+(Exports-Imports)

Macro Economics

I think macroeconomics will be about dealing with things bigger than we can imagine.  It will have to do with the vast majority of economics not just in select towns, cities, states, or even countries, but the entire world!!!!  If you ask  me, it is going to be a very interesting topic to study.  I am most looking forward to learning about different GDP's in comparison to eachother.

Essay Contest

Technology improves my life in many ways.  It makes things less complicated and more fun in most situations.  Without technology, many things that I do in my life would not be possible.  Such as using the computer, making phone calls and even simple things like heating and cooling a house.  Technology is a part of everything in this world basically.  You must use it to help the economy, agriculture, creativity and many other aspects of life.  Without technology, being able to sustain a natural balance in life would eventually die out fairly soon.  That is how technology effects my Life.

Malcolm Video Thoughts

I thought the video that Malcolm Gladwell spoke in was out right breath-taking.  He really knew what he was talking about he explained Economics in a way that many would never even think about unless you were to see his video. The main reason he was so effective in describing economics was because he related it to something that us as people can relate to.  He made it easy for us to understand  and thats what i think makes it the most effictive description of Economics out there.  I would highly and certainly recommend it.  This would be an example of Perfect Competition because not every aspect of competition is based solely on price.

Review Game

In some situations, government is forced to break up monopolies. Play this game and learn here are some laws they've used.

http://www.studystack.com/flashcard-521976