Cost of Living

The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP for each decade jump. Indicate in each calculation whether you are inflating or deflating the nominal GDP data.

In which, old market index refers to the index for year t and new index is the index for year (t+1).

First, back in the 70s you can get food for low prices compared to rise that has happened. In the 70s you could buy groceries for a whole household and you would only be spending $30 or less. Depending on your household today you would be at least spending $100 or more. Eating out in the 70s made it cost less when you were buying groceries for the house. It consumed about a third of a family’s food budget and it decreased about 45 percent. Today it cost more to go out and buy groceries for your home because you have to obtain a certain budget. In the 70s you could go to a grocery store and buy a loaf of bread for 16 cent. Here in 2015 if you were to go to the grocery store you would at least be spending $1.57. There has became a huge difference in the way that we spend money. Prices went up and inflation went down.

For employees, the earning potential was reduced by the employers in order to adjust to the new workforce population. For consumers, the prices were increased because of the high demand for goods and services. This account was one of the changes that appeared in a newspaper article “Baby Boomers Are Still Reshaping U.S., but Now They're Middle-aged” written by Cheryl Russell which was published by Washington post in 1987. In his article, he says that “If there hadn’t been so many boomers entering the job market. Housing would be cheaper, the economy would do better in the 1970s and people would be making more money” (Russell 1987). In this quote, Russell provides his perspective on the changes that the boomer generation brought. He suggests that the boomer generation denied employers and the consumer the capabilities of earning more money on their jobs and the buying power consumers had before it was changed by the boomer

GDP, or gross domestic product, is the sum total value of all goods and services produced by a country within a given year. To achieve this sum, everything produced and exported, all of the money spent by consumers and government, investments, and many other contributing factors are calculated and combined. A nation’s GDP is used as the main indicator of the economic status of that nation. In general, the higher a country’s GDP is, the greater the health of that country’s economy. However, GDP is not as helpful or accurate a calculation as “real GDP”. Real GDP is a term that refers

While it provides an indication of how far the economy has come on the long road it is not a direct measure of the nation 's welfare or well-being. GDP measures only output and makes no claims on the quality of that output. GDP lets alone subjective concepts such as social progress or human happiness. It only offers a value of marketed goods and services produced in a country in a given time frame but from the perspective of a citizen living with the day-to-day realities of life, GDP can be rather misleading. Based on that, optimism about national economy remains still limited.

The most commonly-used metrics to evaluate the growth of the economy are: GDP, inflation, unemployment, and interest

We are all University Students that currently live in Halifax Nova Scotia, but have all grown up in various places. Two of our members are from Ontario and the remaining members from various parts of China. Given this geographical separation, our group has some obvious diversity in our individual consumer profiles. This is partly due to our different cultures and values. Our families also greatly influence our contrasting consumer profile - with our differing ethnical backgrounds, different social classes and varying religions. Conversely, we all fit into the age bracket of 18-25 so share some similar purchasing behaviour as millennial consumers (Kardes et la., 2011, pg 38). We have all been apart of many of the same world changes, such as 911 and global warming. This greatly sways our prespective on which products we can identify with and our preferences. Likewise, we all are at the same life stage (Kardes et la., 2011, pg 8). We are all young adults, finishing up university and starting our independent lives with limited disposible incomes. We tend to make most of our purchases online, allowing us to find the best deals in the least amount of time. Most of us find that food is our number one expense and value the bonds people make while sharing a meal. Many of us find it difficult balancing our busy lifestyles and school, but work to covercome these challenges. All of these inflencers guide our purchasing habits.

Measures of economic well-being such as GDP are subject to some limitations hence it is appropriate to use other alternative measures of economic growth. The limitations of GDP in measuring the economic well-being of a country include failure to capture the underground economy and failure to capture changes inequality. Others include the development of new products and failure to take in account human or leisure costs (Maddison 48).

After I receive my master's degree, I want to live in North Carolina to either work at a university or at the professional/semi-professional level. There are several professional/semi-professional teams in North Carolina including the Carolina Panthers, Charlotte Hornets, Charlotte Hounds, Durham Bulls, and North Carolina Courage. Potential universities to be employed at include East Carolina University, University of North Carolina, Davidson College, and Appalachian State University. There are several factors to consider before deciding whether to live. The first would be the cost of living. North Carolina ranks within the top 20 states in the United States for best cost of living (Missouri Economic Research and Information Center, 2017).

Every individual buys a different set of goods than other individuals. When incomes rise, individuals buy more normal goods and less inferior goods. Normal and inferior goods are decided based on individual preference because everyone is different and therefore have different likes. I consider a normal good to be a plane ticket to Hawaii and an inferior good to be a train ticket to Trenton, NJ. A plane ticket to Hawaii can cost up to a thousand dollars and sometimes more while a train ticket to Trenton costs around 20 dollars. When my income raises, I am more willing to buy a ticket to Hawaii and spend a weekend there than a weekend in Trenton.

Gross Domestic Product (GDP), the measure for nations’ standard of living - its trends and fluctuations have proved valuable in decision making for over 80 years. Yet societal evolution and technology advancements bring pause to examine current day GDP calculations, and consider including contemporary elements when gauging national wellbeing trends. Understanding wealth distribution across societal classes, quality of life and contentment, and the environmental health of a nation, are all crucial components in formulating a more accurate picture of a nation’s standard of living, capability for sustainable growth, and plausible stability.

As supermarkets and the additional ownerships of Woolworths do not exercise strategy on a single or niche market but based on general customers consisting of individuals satisfying their needs, Woolworth’s main customer groups may be distributed in two different groups. The wealthier group that consists of a higher quality of living due to their higher annual income and a poverty or less-wealthier level group due to their low income. Both groups could be separated by a median salary split based on the latest available data from statistics. Possible influences of income level may be demographical and geographical in which the combined will determine which group customers belong to. There are different ways in which the customer groups may exercise their influence, the difference is mainly based on which group customers belong to.

Real GDP is measured by the following formula; [(current year quantity) x (based year price)]. A more reliable measure of economic growth is real GDP per capita; this measurement takes into account both the total production of the nation and the total population. Real GDP per capita measures the real income per head of the population.

According to Science, people taking a basket associated with a higher level of purchasing. People are taking a basket for shopping purpose. Mostly People buy lots of stuff and they need something to put that stuff. It is difficult for every single person to collect all the grocery stuff in the hands. For example, if a person went to the grocery store for grocery like milk, butter, vegetables, eggs and fruits than it is