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Macroeconmic Perspective Essay

1894 words - 8 pages

Distinct Economic Factors for Comparison

Macroeconomic variables are a various set of factors which includes that of economic growth, inflation rates, and rate of consumer consumption, price levels, unemployment levels, and gross domestic product (GDP) and low interest rates. Macroeconomics looks at the economy as a whole as well the most important economic variable the Gross Domestic Product (GDP) because it is the most extensive way of gauging a country’s economic health as it characterizes the total market value of the goods and services produced within a specific timeframe. Gross Domestic Product figures are used to make comparisons of one country production with that of another ...view middle of the document...

GDP at purchaser’s prices is the totality of gross value supplemented by all resident manufacturers in the economy adding any product taxes and minus any aids not contained in the price of the products. GDP per capita (PPP) is the gross domestic product divided by midyear population (World Bank, 2014 and CIA, 2013). The GDP PPP per capital variable controls for the cost of living differences, population differences, and currency differences (Hagen, 2015). According to the World Bank; the United States GDP per capita based on purchasing power parity was $53,042 international dollars and South Korea is $33,140 international dollars for 2013 which is 20,000 international dollars difference.
Unemployment in United States has been a much talked about issue for a long span of time. Lately, this has been one of the greatest concerns of the general public. However, we know that unemployment it is inevitable within any economy. There are a number of job seekers that leave their jobs in search for better or new opportunities. Unemployment is referred to as a lack of complete utilization of resources that as such it eats up the production of the economy. There are four types of unemployment; frictional, structural, cyclical and seasonal. Frictional unemployment relates to those who are between jobs and normally are only unemployed for a short period of time. Frictional unemployment usually equates to a 2 – 3 percent of the workforce.
Structural unemployment describes individuals that have been unemployed for a long time; this could range from months to years. Many of these job losses are accredited to struggling or failing industries and the potential of being rehired is very slight. In order to place these people back in the workforce many have to be retrained in order to acquire some type of skill other than that of the particular industry. In this many of these people worked in automotive, clothing, steel and electronic industries. Many are left jobless because many of these operations have been moved offshore or referred to as these types of jobs have been outsourced. Structural unemployment could also be the mismatched of required skills do not match the geographical location or the labor force demand. As a good example; my roots are in one part of North Carolina; however, in Carey, NC the market is booming, construction is booming, new opportunities are opening up every day. The part of NC that I am from was a farm and factory industries. All of the factories have moved away and farming is handled now through machinery.
Cyclical unemployment is attached to the fluctuations of the business cycle. Many times the demand for inputs may be reduced to include labor within the recessional period. Cyclical unemployment is referred to as the fluctuation in unemployment which is experienced by business cycles. Business cycle can be peak, recession, rough, recovery and or expansions. Recessions normally last from one to two years; expansion normally last...

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