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Fundamentals Of Macroeconomics Paper

1114 words - 5 pages

Fundamentals of Macroeconomics Paper
Laterrious Robinson
ECO/372
Nov. 27, 2012
Eugene Kaufman
University of Phoenix

Fundamentals of Macroeconomics Paper

Economics is the study that shows how the people of a specific country, land, or culture deal with scarcity and the decisions to utilize their limited resources. It is the key element that helps to understand the well-being a country, culture, or society. Macroeconomics describes the economy as a whole by focusing on certain issues such as unemployment rate, interest rate, and inflation. This paper will discuss terms relating to macroeconomics and examples of economic ...view middle of the document...

The unemployment rate shows that a number of people in a society are not employed based off of certain data. This data may not be totally accurate because people without a job may not necessarily be unemployed. According to an article from Trading Economics, The unemployment rate in the United States has increased to 7.9 percent in October of 2012. Historically, from 1948 until 2012, the United States Unemployment Rate averaged 5.8 Percent reaching an all time high of 10.8 Percent in November of 1982 and a record low of 2.5 Percent in May of 1953. The unemployment rate can be defined as the number of people actively looking for a job as a percentage of the labor force. This page includes a chart with historical data for the United States Unemployment Rate. (tradingeconomics.com, U.S. Bureau of Labor Statistics 2012).
The inflation rate is known as the rate in which the price of goods will increase in an economy. It is measured by monitoring the changes in the costs of consumer goods, known as the consumer price index or (CPI). The Interest rate is known as the rate in which people or companies may pay to use borrowed money. With unemployment, inflation, and interest rates up, people are beginning to budget even more than ever before. For example, everyday economic activities are being examined more closely. For grocery buyers, the price of food continues to rise, and many families are now reevaluating what they will purchase, how much they purchase it for and, in many cases, who they purchase it from. Yet still, to adapt with their customers' growing concern in saving money, some markets are offering advantage savings and low cost products. Consumers worldwide are also discovering the benefit of purchasing local food. Three benefits are its freshness, better taste, and more nutritious value. It also helps within the local economy by supporting local business. Also, buying directly from local family farmers helps them to stay in business. For the government, in 1943, the US started the Food Stamp program to help protect its people from starvation during depression. Federal, State, and local government entities now work together to monitor this program. Buying groceries affect the government because of the assistance offered under the Food Stamp program and it affects businesses because states exempt stores from charging sales tax on items purchased with Food Stamps. The government also...

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