Economic Forecasting Paper

In: Business and Management

Submitted By ksholla
Words 790
Pages 4
Weekly Reflection – Economic Forecasting Paper
Sharon Hooper, Tierra Lias, Kecia Neely, Ayanna Payne, Stanley Shaw, Nathaniel Zellner
ECO 372
February 19, 2014
Cynthia Cooksey
Weekly Reflection – Economic Forecasting Paper
Understanding the history as well as the social well-being of the world throughout the World War II era has immense importance due to the great depression faced in the United States and other countries that started just a decade before. The resource NBER Macrohistory Database would be an excellent choice to examine the economic state of some countries during and after one of the most significant wars in history. The site covers a variety of data records including business cycles, job creation, job data, and the status of import dealings, segregation, and even children’s health. The study of the causes and effects of the war are truly remarkable. A majority of the statistics were dealt with on a quantitative level with facts and little decisions of personal opinions about the war. This resource is a great source of study for the plethora of data about the world at war. The concepts pertaining to the benefits of the trade are very understandable, yet seem to be extremely selfish and somewhat cutthroat altogether. At the end of the day, it is all about supply and demand, which makes it smart business.
Quantitative research provides information about the future based on past trends. The Bureau of Economic Analysis generates various closely inspected economic data that impacts the decisions of civil servants, enterprises, and individuals. They provide an expansive up-to-date image of the United States economy. The bureau is a part of the United States Department of Commerce which provides analysis on input, output, savings, investments and balances of payments from various regions or sectors of the country. The predictions and decisions…...

Similar Documents

Economic Paper

...Economic Advisement Paper Option 1: Economic Advisement Paper With a nominal GDP estimated at more than 15 trillion it is clearly the United States economy is one of the largest in the world. A person must have lived in a cave underground for the past several years not to know that the current state of the nation’s economy is in desperate need of improvement. There are different schools of thought about how the economy arrived at its current state. Conversely, there are different schools of thought on how to restore the economy. There are some who would advocate that going back to the same economic policies that created the currents conditions of the economy. Their philosophy is that if we stay the current course the economy would somehow miraculously recover itself over a period of an unknown amount of time. These same individuals believe that people are better off left to fend for themselves in this economy. On the other hand there are others that believe government intervention is the key to a faster economic recovery. In the following paragraph of this paper team C will discuss the current state of the United States economic recovery from the prospective of Unemployment, Consumer income, Interest rates, and Expectations respectively. This information will be summarized and recommendations made to the president regarding government spending and taxes based on the aforementioned economic factors. Aggregate supply and demand looks at the economy as a whole.......

Words: 1629 - Pages: 7

Economic Forecasting

...Reflection-Economic Forecasting Paper ECO/372 November 26, 2012 University of Phoenix Week 2 Reflection-Economic Forecasting Viewing the economic standing of America may not be easy to comprehend, with all the economic terms and statistics. To assist with the economic terminology, and view what production/income, prices, and cyclical indicators are in the United States, an Internet website called AmosWEB Encyclonomic WEB*Pedia can retrieve resourceful information. This site has great information for a consumer to become familiar with economic terminology and economic standing. Some of this information on the site indicates the “Real GDP as of third quarter 2012, $15,775.7 billion (Annual Rate) Source: BEA, up 2.0% 1st Est. revised up from 1.3%. Unemployment as of October 2012 is 7.9% up from last month. This information was obtained from the Bureau of Labor and Statistics. The consumer Price Index W, as of August 2012 is 227.056.” A person can even view what the prime rate is for American loans which are 3.25%. AmosWeb pulls information from other sites and make it easier for consumers to view these numbers in one location instead of viewing different consumer sites. The U.S. Department of Commerce contains the Bureau of Economic Analysis, and this bureau maintains the website This website contains all of the BEA’s published information, including news releases and a comprehensive array of......

Words: 1079 - Pages: 5

Economic Forecasting

...Economic Forecasting ECO/372 June 3, 2012 Blake Bennett Economic Forecasting FRED, Economic Time-Series Database FRED is a free economic database that compiles data from an extensive amount of data sources. The Bureau of Labor Statistics, the Bureau of Economic Analysis, Census, OECD, World Bank, International Monetary Fund, and the Federal Reserve System database are a few to mention. FRED also includes the national economic and financial data including interest rates, consumer price index, employment and population, and trade data. This database is a valuable source because this allows citizens to see where the country’s financial state is at. Bureau of Economic Analysis, U.S. Department of Commerce The Bureau of Economic Analysis is the federal agency responsible for measuring the U.S. economy, or as some say, BEA is the nation’s accountant. It is responsible for measuring what is produced, what is earned, and how it is spent. BEA is well known as one of the world’s premier economic statistical agencies, producing some of the most closely watched economic indicators and leading the way in cutting-edge macroeconomic measurement (U.S. Department of Commerce, 2012). The value and usefulness of the BEA is that it pulls a wealth of data from the public and private sector and provides a consistent picture of economic activity for the nation as a whole and for various sectors. It also interacts with the rest of the world, providing data of the trades and......

Words: 635 - Pages: 3

Economics Paper

...At last, and finally, here is the first accurate and beautiful translation of Richard Cantillon's 1755 masterpiece on economics. This treatise is widely credited with being the first to describe the market process as one driven by entrepreneurship. William Stanley Jevons, in the first blush of discovery, proclaimed Cantillon’s Essai, “the cradle of political economy.” A cradle holds new life; and there can be little doubt that the Essai added new life to the organizing principles of economics. But “political economy” does not accurately describe the subject Cantillon addressed. Indeed, he scrupulously avoided political issues in order to concentrate on the mechanics of eighteenth-century economic life. When confronted by “extraneous” factors, such as politics, Cantillon insisted that such considerations be put aside, “so as not to complicate our subject,” he said, thus invoking a kind of ceteris paribus assumption before it became fashionable in economics to do so. Murray Rothbard, for this reason, called Cantillon the "founding father of modern economics." This book preceded Adam Smith by a generation. Unlike any previous writer, Cantillon explicated the vital role of the entrepreneur with perception and vigor. Hence, he deserves to be called “the father of enterprise economics.” We know little of Cantillon’s life and the circumstances of his authorship. The manuscript that was eventually published in 1755 circulated privately in France for almost two decades......

Words: 354 - Pages: 2

Venture Budgeting and Forecasting Paper

...Many households and companies alike are still trying to create and grow to improve today’s economic climate. Opening up a small concrete organization and dealing with the general public and building clientele might earn potential income. When starting and opening a new business, several expenditures occur and difficult task are required that are essential in the beginning stages. When thinking about starting a business there are certain factors that are required to be analyzed for example workers, material, vehicles, factories, and funds. When the company investment is thought and prepared nicely the organization will grow to become lucrative along with an achievement. The initial step when starting a business is to frankly obtain a financial loan for the location and a loan for the machines and suppliers that will be needed. The concrete factory will not be a new operational business as it will be bought from an earlier proprietor who has gone bankrupt. Though I am acquiring the business all the machines and factory are for sale. The building itself will sit on 5 acres land and have a total of 10 vehicles associated with the company. The vehicles will contain 8 ready mix trucks, one hauling truck and one bulker truck. The total expense to purchase the factory is estimated at $1,086,742.30. The bank is ready to finance the loan at a 5.50% fixed rate of interest during a period of 5 years, which would result in the monthly installments of $20,758.04. The next stage is to......

Words: 992 - Pages: 4

Economic Forcasting Paper

...Economic Forecasting Paper By ECO/ 372 November 18, 2013 Learning Team Reflection Week Two List of resources to gather historical economic data and economic forecast data Some of the resources, which are useful to gather historical data as well as forecasting the new data include Bureau of Economic Analysis, U.S. Department of Commerce and FRED, Economic Time-Series Database, Bureau of Labor Statistics, Census Bureau, Congressional Budget Office (CBO), Office of Management and budget (OBM), Federal Reserve Releases (FRB), NBER'S Macro-Historical Database, New York's Fed's statistics and data, Statistical abstract of the United States and CIA world fact book. How and why each source is valuable and useful FRED database; allows citizens to see how the country's financial state is. The data includes the national economic and financial date “including interest rates, consumer price indexes, employment and population and trade data. The Bureau of Economic Analysis; includes estimates concerning national, international, and regional economic activity. It also provides statistics decision influenced by the government officials, business people, households and individuals.” (History matters. 2013. Para 3, 5). The Bureau of Labor Statistics gives specific information about employment, unemployment, consumer price index, and producer price index. The Bureau of Labor Statistics updates......

Words: 855 - Pages: 4

Economic Paper

...(ASEAN) LEARN FROM EUROPEAN UNION (EU) TO BE A SINGLE MARKET? By Group 1 Abstract This group paper attempts to show the background difference between ASEAN and EU. Despite the differences ASEAN still can learn from EU to be a single market. This group paper also attempts to discuss whether it is possible for ASEAN to be in a single market without facing major difficulty. Introduction In November 2002, ASEAN members held a meeting in Phnom Penh where the meeting participants proposed that the members consider the creation of an ASEAN Economic Community (AEC) by 2020. This is really nothing new, ASEAN has always carefully studied the progress of EU being a single market. Essential Differences Too often ASEAN is compared to the EU in an international context, however the objectives and motivation behind the founding are in no way to be comparable, below are some of the arguments: 1. EU was formed due the internal (regional) pressure to unify. Two world war in two generation has greatly motivate EU to form a political union, which started with unifying the economy. EU’s economy and political union was to the emerging from the devastation of the World War II. On the other hand, ASEAN formed AFTA to face the challenges from the external towards globalization and regionalization. The aim to create a loose network which without a legal basis under international law, to promote economic corporation, to avoid conflicts between member states and to develop strategies against possible...

Words: 1347 - Pages: 6

Economic Paper

...rates, interest rates, and budget shortages. Macroeconomics provides a combined outline to report these issues and to examine the effect of different policies, such as fiscal and monetary fiscal policies, on the total behavior of individuals. This paper will define specific terms of macroeconomics and how specific examples of economic activities affect government, households, and businesses. The following terms explains the fundamentals of macroeconomics. Gross domestic product (GDP) is the aggregate of the selling prices, or values, of all finished goods and services made in the economy during a specific time frame and calculates the rate of economic activity inside the country. Real GDP is an evaluation of the value of production the economy creates. Nominal GDP is the current market value of all products and services created in the United States. Unemployment rate is the proportionate rate of the amount of individuals unemployed but are still looking for work. Inflation rate is the percentage of the rise or fall of rates on prices. Interest rate is the yearly amount charged by the lender on a product or service for the borrower to acquire the loan and allow the lender to get a return on the investment. Economic activities such as purchasing groceries, a massive layoff of employees, and the decrease in taxes are associated to distribution, production, exchange, and expenditure of goods and services. Every one of these activities may affect businesses,......

Words: 832 - Pages: 4

Economic Research Paper

...Economic Forecast Paper The discussion in this paper is about Economic Forecast. The different places that are discussed will be The Bureau of Labor Statistics, The Economic Report of the President, The Federal Reserve System, and The United States Census Bureau. Over the course of this paper we will see how each department is important in our economy and what each department does in order to help or hinder the economy. The Bureau of Labor Statistics The Bureau of Labor Statistics (BLS) was established on June 27, 1884 as a division of the Department of the Interior. President Chester Arthur appointed Carroll Wright as the first Commissioner of Labor. Many studies, reports, and statistical ideas developed under Wright’s tenure, “but perhaps his greatest accomplishment was the establishment of the principle that the Bureau would be devoted to ‘the fearless publication of the facts without regard to the influence those facts may have upon any party's position or any partisan's views’” (“History of BLS”, 2013). As the fundamental fact finders for the Federal Government in the area of labor economics and statistics, the BLS collects data from various sources. It processes and analyzes the data before publishing essential statistics for use by the American public; federal, state, and local governments; and businesses. “BLS data must satisfy a number of criteria, including relevance to current social and economic issues, timeliness in reflecting today’s rapidly changing......

Words: 1934 - Pages: 8

Economic Forecasting

...Economic Forecasting ECO 372 Learning Team Date Due Instructor Economic Forecasting Introduction Economic forecasting is an important aspect of the financial world; it helps people understand how things may be in the future based on current and historic data. Many different databases are available for finding historical economic data and forecasting economic data. Topics from this week are helpful when developing an understanding of the data can help with improving the economic future of our government and organizations. This reflection will help us locate the resources available for finding economic data. Historical Data Resource The BEA (Bureau of Economic Analysis) yields independent budget analysis and economic issues to support congressional budget processes and conducts impartial objectives on the analysis. This would be a valuable source because it contains a large amount of information in one location. There are several divisions that collaborate to complete an accurate economic forecast which include. These divisions include national, international, regional, industry, and integrate accounts, all of which include national income and product accounts, and the gross domestic product to name a couple (U.S. Bureau of Economic Analysis 2013). Current Data Resource A possible resource for current information can include the Federal Reserve Economic Data (FRED). FRED is an online database that includes economic data from several different srouces. FRED......

Words: 395 - Pages: 2

Eco 372 Week 2 Weekly Reflection Economic Forecasting Paper

...Reflection Economic Forecasting Paper Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser For More Courses and Exams use this form ( ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar ( ) 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 For More Courses and Exams use this form ( ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar ( ) Develop a list of resources you might use to gather historical economic data as well as economic forecast......

Words: 3543 - Pages: 15

Economic Forecasting

... Economic Forecasting Ladrika Davis ECO/372 June 29, 2015 Economic Forecasting The assessment of the Historical Economic Data and Economic Forecast Data is predicted through primary sources. Subsequently, the raw data is collected and maintain by government and private agencies as; National Bureau of Economic Research (NBER'S Macro-Historical Database), Bureau of Labor Statistics (BLS), Federal Reserve Economic Data (FRED), and Congressional Budget Office (CBO). In addition, the raw data is use for the purpose of measuring past relationships among variables such as historical data, employment, prices, productivity, population, government budget, and government spending. Thus, resulting in economist anticipating change in some variables; in which will either affect or not affect the future course of the U.S. economy short and long run performance. Primary Sources Therefore, the National Bureau of Economic Research (NBER'S Macro-Historical Database) was founded in 1920 over the years the NBER's research agenda has varied from a wide variety of issues that confront our economic society. Early research focused on the aggregate economy, examining in detail the business cycle and long-term economic growth. Whereby, its known as private, non-profit, non-partisan research organization's main aim is to promote greater understanding of how the economy works. It disseminates unbiased economic research among public policymakers, business professionals and the......

Words: 1122 - Pages: 5

Economic Financial Forecasting

...Meghan Corvington February 29. 2016 EC492 Forecasting Prof. Orlowski PROBLEM SET #1 (Due date: February 29, 2016) Use the quarterly data base from the Federal Reserve Bank of St. Louis FRED provided to you in the EViews program to answer the following questions: 1. Choose the real US export of goods and services (REXPGS), real import of goods and services (RIMPGS) and disposable personal income (DPI) variables. View their descriptive statistics. Analyze skewness, kurtosis and volatility (measured by the coefficient of variation) of each of them. Discuss possible economic factors underlying the data asymmetry, kurtosis and relative volatility. In this example, all three variables are left skewed, while kurtosis is between 1.99 and 2.29 for each of the three variables. I measured volatility based on the standard deviation of the three variables. DPI is extremely volatile, while RIMPGS and REXPGS are not as volatile as DPI. It seems as if there is a strong correlation between the amounts of standard deviations compared to the kurtosis. There is a lack of asymmetry between the three variables, as there is no equivalence in various measurements. | |REXPGS |RIMPGS |DPI | | Mean | 747.1115 | 962.0551 | 4682.076 | | Median | 447.5000 | 636.0000 | 3400.400...

Words: 2014 - Pages: 9

Economic Paper

...Economic Issues Simulation Paper HCS/440 Economics: The Financing of Health Care June 4, 2012 Caryn Callahan I’m a representative of Castor Collins Health Plans insurance. As a representative of the company my job is to maximize profit and minimize risk for the company. The simulation states Castor Collins has been approached by two groups of people for health insurance (University of Phoenix, 2007). Both companies have a set rate that their employees are willing to pay. According to the simulation the first group, Constructit consists of 1,000 while, the second group, E-Editors, comprises of 1,600 people (University of Phoenix, 2007). It is up to my team to select the appropriate plan that meets Constructit maximum annual premium of $4000, and E-Editors maximum annual amount of $4,500 (University of Phoenix, 2007). The simulation stated the three insurance plans that Castor has are Castor Standard, Castor Enhanced, and Castor Enhanced Minor (University of Phoenix, 2007. Although Castor Standard is good plan it does not cover pre-existing conditions. The Castor Enhanced does cover pre-existing conditions. In addition, we have the Castor Enhanced Minor Plan that is also a customized plan. With this plan we have the option of removing adding services that may have high utilization in an effort to satisfy our client Constructit needs (University of Phoenix, 2007. Demographics of Constructit According to the simulation Constructit consists of 550 men and 450 women, in......

Words: 452 - Pages: 2

Economics Paper

...In this paper I will discuss the history and evolution of healthcare economics and the timing of healthcare funding. In the 21st Century healthcare is proven to be one the largest industries that generates a great deal of money in the world. Therehas been a dramtic change in healthcre the last last hundred years. As changes and progression are examined, it becomes clear that healthcare along with the economy has created an important part of the American life. Healthcare History Health care economics presents information where efficiency and equity goals are pursued. Furthermore, economics establishes a framework by maximizing benefits using resources at hand. Kenneth Arrow, the person responsible for mentioning the idea of health economics as a discipline, wrote an article titled “Uncertainty and the Welfare Economies of Medical Care” in 1963. The article discusses how the medical care industry benefits society compared to the “norm”. Furthermore, Mr. Arrow wrote about the significance of supply and demand. Arrow discussed that the average person has the characteristic of only seeking medical care when they are suffering from a critical injury or illness. Its not common for the average person to receive routine medical services on a regular basis. As Mr. Arrows discussed supply condition, he quoted “Entry to the health care profession is controlled by licensing. Licensing manages the supply which consequently increases the cost of medical care”. Medical care was......

Words: 1118 - Pages: 5

Jeux électroniques | Toys Games | Hanasaku Iroha