Premium Essay

Phoenix Mircoecon Week 2 Individual Essay

In: Business and Management

Submitted By philzaa
Words 914
Pages 4
Week 5 – Individual Assignment
Fundamentals of Macroeconomics
Phillip Alfonso
ECO-372
August 5, 2013
Professor: Joshua Long
University of Phoenix – Online

PART 1 Gross domestic product (GDP)
Gross Domestic Product (GDP) is the total amount of goods and services that were produced in an economy and is represented in dollars. In the US, we record what the GDP was for the entire year, however, GDP does not always have to be in the span of one year
Real GDP
Real GDP is a way calculate the GDP without the inflation included so that it can be easily compared to previous years, and nominal GDP would be with the inflation included.
Nominal GDP
Nominal GDP is the GDP for any given year that has not been modified to reflect the inflation of the US dollar.
Unemployment rate
Unemployment rate is the amount of people who do not have a job but are looking for one.
Inflation rate
This is the speed of which prices increase or decrease over time. Generally it is calculated annually or monthly.
Interest rate
This is the percentage of a certain amount of money that is charged to a borrower of money. When someone borrows money, they have to pay it back plus the interest.

PART 2
Whenever goods or services are purchased or sold, the economy is impacted. Obviously if one person comes into a coffee shop and buys a cup of coffee, the US economy will not change, but what if one million people purchase a cup of coffee every day? Or what if those people who usually purchase coffee every day decide that they do not want coffee anymore? These types of events have a noticeable impact on the economy because there are so many people and businesses involved. In this essay we review the impact that certain day to day activities have on the US economy. Just about every household in the United States purchases groceries on a regular basis. Some families buy storable food…...

Similar Documents

Premium Essay

Week 2 Individual Reporting

...Reporting Practices and Ethics Your Name University of Phoenix Health Care Financial Accounting HCS/405 Ashonta Tharps May 26, 2012 Reporting Practices and Ethics Revenue’s and expenses of any organization require the four main elements of financial management. These elements are planning, controlling, organizing and directing, as well as decision making. The reporting practices of the financial department has improved over the years with new and improved principles and general financial ethical standards being put into place. This paper will give the reader a better understanding of the four elements of financial management, acceptable accounting principles, and financial ethical standards. Any organization will have a Chief Financial Officer. These management personnel will follow these four basic elements to manage the financial process of the organization they work for. The first step is to plan the objectives of the organization and each step needed to complete their goals. The planning process is important to how the financial manager will keep track of money spent on projects and how they are accomplished. The controlling process is used to manage each step in the planning process to make sure the projects are on target and budget for completion. Managers use past reports to help them figure out what areas of the organization are in need of assistance and what the issues are. They are also used to determine what kind of assistance is needed or if...

Words: 864 - Pages: 4

Premium Essay

Week 2 Individual Exercises

...Week 2 Individual Assignments from the Reading Chapter 8 3) What are the essential features of the allowance method of accounting for bad debts? The essential features of the allowance method of accounting for bad debts are: (1) Uncollectible accounts receivable are estimated and matched against revenues in the same accounting period in which the revenues occurred. (2) Estimated uncollectibles are debited to Bad Debts Expense and credited to Allowance for Doubtful Accounts through an adjusting entry at the end of each period. (3) Actual uncollectibles are debited to Allowance for Doubtful Accounts and credited to Accounts Receivable at the time the specific account is written off as uncollectible. 4) Lauren Anderson cannot understand why the cash realizable value does not decrease when an uncollectible account is written off under the allowance method. Clarify this point for Lauren. Lauren should realize that the decrease in cash realizable value occurs when estimated uncollectibles are recognized in an adjusting entry. The write-off of an uncollectible account reduces both accounts receivable and the allowance for doubtful accounts by the same amount. Thus, cash realizable value does not change. E8-5) Hachey Company has accounts receivable of $95,100 at March 31, 2007. An analysis of the accounts shows these amounts. Balance, March 31 Month of Sale 2007 2006 March $65,000 $75,000 February 12,600 8,000 December and January 10,100 2,400 November......

Words: 416 - Pages: 2

Free Essay

Law421 Week 2 Individual

...As companies conduct business internationally there are many issues it must be knowledgeable about to operate successfully. Two issues that were explored during Law/421 in week two’s simulation were how to address legal and ethical situations that arise when conducting business abroad. When resolving legal disputes in international transactions one must be aware of international and local laws. It is also important to know the customs and culture of the area where business transactions are taking place. Prior to conducting business abroad a choice of law must be established before any conflict arises. This will yield a resolution to the conflict that will be favorable for both parties. When taking legal action against a foreign business partner based in another country one should consider the laws of that country. Laws in others countries differ from those in the United States. Also when considering taking legal action on a company, one must analyze all possible cause and effects from that legal action. Taking legal action may be the company’s right to do, but it may cause negative customer relations in the area. In the simulation, CadMex’s decision to grant sublicensing agreements could be beneficial to the company yet work against the company. Sublicensing may cause the company to be liable in lawsuits due to the negligence of those sublicensed parties. When local customs and laws conflict with the customs and laws of an organization operating abroad, the laws...

Words: 283 - Pages: 2

Premium Essay

Week 2 Individual

...some exceptions written into the act that allows surveillance but for limited periods of time and/or requiring congress to formally declare an act of war. Previous precedence of the FDR administration and loopholes within the FISA act was basis for the Bush administration to carry on the legacy of unauthorized and unknown surveillance. Likewise, during this administration the Patriot Act was written and included language that further allowed surveillance beyond the scope of authorization required by the FISA act. Summary number two During the fall of 2011, Kisswanni wrote for The International Lawyer about the need for telecommunications interception and access regulations that are reasonable and do not necessarily violate individual rights. The foundation of the need is a result of the increasing capabilities of criminal or terrorist activity that take advantage of technology. Thus, the need for combating criminal activity should also take advantage of technologies available. Telecommunications interception has long standing history in the area of national security. Electronic communications interception can play a vital role in national security interests with regard to gaining the intelligence of upcoming terrorist activity target to a specific nation or asset. Surveillance may be the only way to uncover this sort of intelligence. Generally, it is recognized that secretive electronic and telecommunication surveillance may not be engaged unless......

Words: 812 - Pages: 4

Premium Essay

Week 2 Individual Assignment

...Fine Foods Frequent Shopper Program collects from individual customers will be used to develop targeted offers and high value incentives to participants in the program. Before the design and implementation of this system can begin, there are many potential legal, ethical, and informational security concerns related to the development of the program that must be considered by management. Also, the effect this program will have on the organization’s structure must be considered. As stated previously, there are many legal concerns related to the implementation of Kudler Fine Foods' frequent shopper program that must be considered by management. “Most American and European privacy law is based on a regime called Fair Information Practices (FIP)” (Laudon & Laudon, 2010 p.132). The core principles of the report are already inline with Kudler Fine Foods’ Privacy policy, as outlined on the terms and conditions page of the website. By continuing to follow this policy, Kudler Fine Foods will be able to continue to avoid lawsuits from individuals, or fines from government agencies. Ethics and perception are larger concerns for Kudler Fine Foods, in part because of their customer base. Higher end customers, with delicate sensibilities, will be more concerned about how their personal information will be used and equally as concerned about surrendering their right to privacy. It is a commonly accepted practice that individuals whose information is being collected have the......

Words: 932 - Pages: 4

Free Essay

Week 2 Essay

...Week 2 Homework Help – GM520. 1. State the administrative agency which controls the regulation. Explain why this agency and your proposed regulation interests you (briefly). Will this proposed regulation affect you or the business in which you are working? If so, how? Minnesota Board of Accountancy (MBOA) – I’m interested in this new proposed regulation because my intent is to sit for the CPA exam and become a licensed account and if that were to happen I would need to understand the requirements for keeping my license active. 2. Describe the proposal/change. (10 points) The proposed rule change R-04183 is around updating the rules governing licensure, continuing professional education, firm name permits and housekeeping updates. The proposed rule changes for renewal certification are to reflect changes adopted by legislature statures made during 2013. During 2013 the legislature changed the license renewal from every three years to every year. The changes related to continuing professional education are to clarify what was considered confusing language in the past others no changes are being made to the requirements. The changes to the firm names are to adopt 2013 legislation changes. 3. Write the public comment which you would submit to this proposal. If the proposed regulation deadline has already passed, write the comment you would have submitted. Explain briefly what you wish to accomplish with your comment. (10 points) It is in my opinion that the proposed...

Words: 1081 - Pages: 5

Premium Essay

Bcom275 Week 2 Essay

...University Of Phoenix Demonstrative Communication By Patrick Nwosu What is Communication? Communication is the process in which information is passed between individuals through a common system as defined by merriam-webster dictionary. When I think of communication, I am reminded of the Abbott and Costello routine “Who’s on First”. The comedy routine is a perfect example of how things can go wrong if the message is not properly encoded or decoded. Communication can happen either in a positive or negative manner. While watching the skit, the transformation from positive to negative communication is evident. “Who’s on First” is the perfect example of demonstrative communication with all the body language and most of all the tone of voice that happens during the conversation. Communication starts with the sender who will format the message content, how to deliver it and make sure that the message is clear. The message needs to be coherent so it can be understood by the receiver. This is an important step made by the sender in ensure effective communication through the use of non verbal ways. The sender will need to make sure to use the proper grammar, tone of voice, and gestures that fit with the context of the message. Demonstrative communication uses body language, tone of voice, facial features, gestures, and any other forms of non verbal interactions. Once the sender engages the transmission of the message the sender will need to pay attention to the audience. The......

Words: 939 - Pages: 4

Premium Essay

Individual Week 2

...Introduction This paper will be divided into two distinct parts the first part will consist of the 6 terms used to describe macroeconomics and second part will provide 3 examples of economic activities. The purpose of part 1 is to define six terms of macroeconomics which include: Gross domestic product, Real GDP, Nominal GDP, Unemployment rate, Inflation rate and Interest rate. Part 2 will discuss how the following economic activities: purchasing of groceries, massive layoff of employees and decrease in taxes affects the government, households and businesses. Macroeconomic Terms: Gross Domestic Product The Gross domestic product which is referred to as the GDP for short, is best defined as the as the main indicator used to calculate the state of a country’s economy. The GDP is the total market value of all products and services produced in an economy within the time period of one year (Colander, 2010). The GDP is categorized into four expenditure categories: consumption, investment, government spending and net exports. A factor to keep in mind is that when the GDP is calculated it does not include intermediate goods (Colander, 2010). The intermediate goods are eliminated from the GDP either by measuring only the final sale or by measuring only value added (Colander, 2010). Economists express that the GDP may be a poor means to measure and compare the living standards of people among different countries because it specifically measures market activities only. Real......

Words: 1188 - Pages: 5

Free Essay

Res320 Week 2 Individual Hw

...January 29, 2014 RES/320 Week 2 Individual Assignment Chapter 5 Discussion Questions 2 and 3 Question 2 - Define the distinctions between primary, secondary, and tertiary sources in a secondary search. Primary sources are data that has not been interpreted and are the original research performed. These sources are from the source of the information. The data given from a primary source has not been translated into information by another person. Primary sources are the source of the data given. Many books of law are primary sources. A court transcript would be a primary source for an appealed case. Secondary sources have been interpreted from primary data. School textbooks are an example of a secondary source because the authors gathered the information from many primary sources. They translated that data too this secondary source. Almost all research found falls into secondary sources category. Most information on the Internet has been translated from a primary source. Tertiary sources take secondary sources and interpret them. These can be guides, timelines, and almanacs. They have condensed primary and secondary sources to create an index. Bibliographies are also an example of a tertiary source. Question 3 - What problems of secondary data quality must researchers face? How can they deal with them? There are five problems of secondary data quality: Purpose, scope, authority, audience, and format. When evaluating purpose of a secondary source a research......

Words: 929 - Pages: 4

Premium Essay

Phl Week 2 Individual

...problem. I briefly will describe each stage. The first stage is “Searching for Challenges.” In this stage, meeting challenges in an imaginative, original, and effective way is the essence of creativity. This stage of the creative process represents the habit of constantly searching for challenges. It is this fact where creativity hinders on the challenges that one perceives. The second stage is “Expressing the Problem or Issue.” Finding the best expression that will produce the most helpful ideas is the objective in this stage. Consider as many expressions as possible. Each expression produces different avenues of thought. This will help an individual see a problem from many perspectives. The last thing a person wants to do is view a problem form just one perspective. That will limit that individual from many beneficial avenues of creative thought. “Investigating the Problem or Issue” is the third stage. This stage allows you to gather the necessary information to effectively deal with the problem. Research, experiences, and observations will be factors in dealing with the current problem. You can also interview knowledgeable people with expertise in that field. The fourth stage is “Producing Ideas.” The objective in this stage is to produce enough ideas to allow a decision or what action to take or belief to embrace. Try to avoid a couple of obstacles in this stage. The tendency to limit ideas to what is familiar or common, which......

Words: 1103 - Pages: 5

Premium Essay

Individual Work Week 2

...•After reading "Resolving Ethical Business Challenges" (at the end of Chapter 2) on pages 54-55, answer the exercise questions on page 55. •Each answer should be between 100-200 words and supported by evidence in the case and/or ideas from the text or outside research. 1. What are the ethical and legal issues at stake in this scenario? The ethical issues would be not using a woman character to bring in more business. Plus if you have to buy credits to advance to different levels than that is an ethical issue as well. The legal issues would be making sure that the game is up to the right standards for every country that wants to buy the product. Like the internet is ready for the full nudity but only for purchase for adult users only and want it more lifelike. The U.S. market is not ready for the full nudity so that version needs to be toned down a bit so it will sell better. The Mexican market likes it if the violence was toned down a bit. The Taiwanese market wants more graphics in the violence and the nudity areas. 2. What are Karl’s options? Karl’s options to make the company, Bounce, a lot of money by making sure that everyone is aware of all the things that need to be changed for all the different types of markets. If Karl makes all the different changes than the company will be making lots of money due to making the changes to make the customers happy. The changes that need to be made are listed in the first question. This would make sure that no one gets laid off...

Words: 438 - Pages: 2

Premium Essay

Eco 365 Week 2 Individual

...the smaller picture and focuses on how individuals and firms make decisions based on economic forces. GoodLife Management had to consider how many apartments to supply and the price levels to charge for them to maximize profit (University of Phoenix, 2011, Week Two Simulation). Macroeconomics views the aggregate economy in terms of unemployment, growth, business cycles, and inflation. In the simulation, two macroeconomic concepts considered are the population growth in Atlantis and business cycles. GoodLife Management considered if it should increase the number of two-bedroom apartments based on what the expected demand would be for the units given the economic climate. When the population increased in Atlantis, growth in apartment housing was expected. However, depending on the housing trends at a given time, the business cycles fluctuated causing GoodLife Management to change its housing strategy to increase or reduce its housing supply (University of Phoenix, 2011, Week Two Simulation). Lintech Inc’s move to Atlantis increased the demand of two-bedroom apartments because of higher population levels. As a result of the increased demand, the demand curve shifted right. The increase in apartments demanded exceeded the amount supplied at the equilibrium price. The shortage of apartments in the market places an upward pressure on price so GoodLife Management can rent more apartments at any given rate (University of Phoenix, 2011, Week Two Simulation). As the price......

Words: 1057 - Pages: 5

Free Essay

Week 2 - Individual Problems

...Week 2 Individual Problems Chapter 1, E1-2 Prob. # | Answer | | 1. | A | | 3. | C | | 4. | C | | 7 | B | | 9 | D | | 10 | C | | Chapter 2, Question 12 What is a CAFR? What are its main components? The CAFR is short for Comprehensive Annual Financial Report. The CAFR reports the governments’ activities from the fund accounts and the government-wide financial statements. The Main components are the introduction section, financial section, and statistical section. Differentiating between a budget and a Comprehensive Annual Financial Report (CAFR). The CAFR is a combination of financial reports for the transactions of the government. What makes it different from a budget is the transactions are complete and show revenues that pay expenditures.A budget represents what cash the government wants to use for the year or financial period on specific projects. This means a plan of services and actions by the government to meet public needs and requirements. Budget changes happen when revenues do not equal project amounts.This information comes from the annual CAFR to meet each period’s budget. With the CAFR the public views the amount spent and the amount in reserve. So the budget is the plan, and the CAFR is the report of completion. The breakdown of the two is different also. The CAFR is an introductory describing the government, a financial section shows spending and revenues, and the statistical section with demographic and department statistics.The......

Words: 420 - Pages: 2

Premium Essay

Week 2 Individual

...Solutions Guide:   Please reword the answers to essay type parts so as to guarantee that your answer is an original. Do not submit as is E2-6 Instructions (a) Answer the following questions. (1) What are the source documents for direct materials, direct labor, and manufacturing overhead costs assigned to this job? (2) What is the predetermined manufacturing overhead rate? (3) What are the total cost and the unit cost of the completed job? (b) Prepare the entry to record the completion of the job. (a) (1) The source documents are: Direct materials—Materials requisition slips. Direct labor—Time tickets. Manufacturing overhead—Predetermined overhead rate. (2) The predetermined overhead rate is 120% of direct labor cost. For example, on July 15, the computation is $528 ÷ $440 = 120%. The same result is obtained on July 22 and 31. (3) The total cost is: Direct materials $4,825 Direct labor  1,360 Manufacturing overhead 1,632 $7,820 The unit cost is $3.91 ($7,820 ÷ 2,000). (b) July 31 Finished Goods Inventory 7,820 Work in Process Inventory 7,820 E2-9 At May 31, 2005, the accounts of Yellow Knife Manufacturing Company show the following. 1. May 1 inventories—finished goods $12,600, work in process $14,700, and raw materials $8,200. 2. May 31 inventories—finished goods $11,500, work in process $17,900, and raw materials $7,100. 3. Debit......

Words: 1024 - Pages: 5

Premium Essay

University of Phoenix - Cmgt 430 - Week 2 Individual

...Week 2 Individual Assignment University of Phoenix – CMGT 430 In order to better serve Riordan Manufacturing’s information security infrastructure, a solid plan must be put in place to ensure that the approach to its implementation is logical, easy to follow, and effective. Many aspects must be considered when formulating an information security policy, including the needs of the company vs. best practice, thus striking a delicate balance between both variables. Therefore Smith Systems Consulting is dedicated to ensuring that a quality service is delivered that will meet these objectives. However, before a more comprehensive plan can be put into place, it is important that Smith Systems Consulting understands exactly how the security plan will be managed, and how to enforce it on the most basic level. It is therefore the opinion of our company to begin by defining a simple, yet utterly crucial part of Riordan’s base information security policy: separation of duties via the practice and implementation of role assignments. Separation of duties, in information technology, is the practice of dividing both IT staff and end users into managed groups, or roles. While users and IT staff, from an administrative level, may fall into several groups (ex., Accounting Department, Maintenance, Security, etc), these groups are not enough to enforce proper security policy. A more comprehensive approach is to define what the base access is for all of these groups, thus the use of roles....

Words: 1690 - Pages: 7