ECO 372 Week 1 DQs

Discussion Questions

Why is economics considered a social science? What role does economics play in your personal and professional lives?

What is the difference between real and nominal GDP? Does GDP accurately reflect the nations welfare? Why or why not? How can a countrys GDP be manipulated? In your opinion, is the U.S. GDP being manipulated? Explain your answer.

What are the different types of unemployment? How do they affect the economy in terms of growth, labor force, and price of labor? Cite specific examples to support your response.

Identify economic factors that affect the real GDP, the unemployment rate, the inflation rate, and a key interest rate. How do you predict the economy will perform in the next two years given the current state of two of the economic factors you identified? How might your organization be affected by these changes?