Why Is It Important To Measure A Black Economy?

Happiness is an emotion that can be very easily obtained however it can be very hard to get that intense of joy sometimes. The emotional state of being content is one of the most amazing feelings in the world. Although there is always that clique question, “Does money create happiness?” To answer that no it does not and there is various ways to prove it. Money is just a piece of paper that controls most of your life ,but happiness is not one of them.

An economy could be considered the blood of a nation’s body; as everything flows smoothly, the body performs its functions properly. Two major types of economy in the world today are capitalist market economies and socialist command economies. Under a market economy, the people are granted the rights to free enterprise and build the economy through private business; they can create and trade products and services as they wish. Within a command economy, the government controls the land and capital and makes all the decisions involving economic issues. Both of these economies share some goals, but are also quite different in how each functions and each possess their own share of advantages and disadvantages.

What makes a person happy? Happiness is an endless path in life. Everyone has a different opinion about what makes them happy. People have always been attentive to the issue of what makes humans happy. However, getting a large amount of money is a pursuit for many people, especially the young generation around the world. In the article, “Get Happy” by Walter Mosley, he states how, “Happiness is considered by most to be a subset of wealth” (87). Quote above explains how money is the first thing that comes in person’s mind that make them happy because with the money one can buy anything he wants. Money is one of the most important things in over lives because we need it to have a home to live in, food to eat, clothes to wear, and to get

He said that it impacted every area of his life. When it was time to buy a house, he found a black real estate agent, a black mortgage company, a black title company, a black home inspector, a black pest control company, a black moving company. "Everybody that touched the transaction was a Black firm. The service was superior and the price was right.”

The one way one can comprehend the United States economy is through looking at its GDP (Gross Domestic Product). Gross Domestic Product is the statistic employed to measure the aggregate output of the nation (Mankiw, 2011). More so, GDP is described as the total monetary value of finished services and goods that are produced in the country at a specific period in time. GDP is considered one of the principal pointers that gauge the health of a nation's economy and it is calculated in inflation-adjusted terms or in real terms (King, Gans & Mankiw, 2011). GDP entails all of public and private consumption, investments, government outlays, exports minus importers of a country. It is therefore calculated through the following formula GDP=C (consumption)+G (Government spending)+I (Investment)+NX(Exports-Imports) (Mankiw, 2011).

The economy is the system of how money is made and used within a particular country or region.

Economy is defined as the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services. The economy consists of working people and the money they make. Although one might not think the economy and hearing aids are connected, they are.

GDP is not only an important indicator to a country's economy growth but also to social and politic perspectives. GDP reflects unemployment rate, inflation and interest rate. The Federal Reserve has continuously raised the interest rate at .25 point for more than 10 successive times in other to attract more and more investment. Government spending, as a part of GDP, has also increased from year to year. As a year passes, economists, firms and governments look at GDP as an indicator for the following year's economic policy in order to keep the economy go in a right track. GDP is also an indicator of recession, when an economy experiences two successive declines in GDP, the economy is going through recession.

What is economy? Everyday there is news about the economy. Everyone has complaints and recommendations pertaining to the economy, but often is largely misunderstood by many people. Most people are concern about the day to day activities of the economy rather than the overall cause and effect that happens within the economy. In the video, Ray Dalio explains how the economy work similarly to a machine. He explains that the economy is made up of simple transactions that are driven by human nature which creates three main forces that drives the economy. The total spending, which is adding money and credit, is what drives the economy. The relationship between the income and spending of everyone plays an important part of the economy because someone’s

The role of an economy is to effectively make use of a countries resources, thus increasing economic performance. If economic performance of a country was at a maximum, then the country would have substantial wealth and therefore purchasing power, which would be available to spend on allocated departments including: health, infrastructure and military, to name a few. A countries wealth gives an indication of its living standards, with an increase in wealth it is probable that the living standards will also increase simultaneously. Although the entirety of the concept of improving living standards is not solely determined solely by a countries wealth. There are also a number of

Money and happiness are linked positivity in the psychology of many cultures and in the economy as well, yet money can be observed playing a sociological role in the ebb and flow of happiness in society. When contrasting the benefits of a dream career against a path to a more attainable means to financial safety, often individuals cognitively associate happiness with money. Does money create happiness or does it at least create a path to happiness? In the book, “Happiness around the World: The Paradox of Happy Peasants and Miserable Millionaires,” Carol Graham confronts this issue. She admits:

The most know economy is a mixed economy. Economies have to decide how much or how little they want from each economy. They have to take from traditional, market, and command economies, in order to make mixed economy. In order to make this decision they have to answer many questions. They have to look at what more people in the economy want and what they will buy. If I were to make an economy I would look at what people I have in my economy. Do I have more traditional people, people who want the government to make the decisions, or people who would rather make their own decisions.

I am researching the economy of Brazil. The definition of economy: The Management of the income, expenditures, etc of a household, business, community, or government. Careful management of wealth, resources, etc; avoidance of waste by careful planning use; thrift or thrifty use. (1) The system or range of economic activity in a country, region, or community. (2)

Measuring GDP will give the county a good idea of its economic performance. This will help the government assess the current economic activity and standard of living. Therefore a rise in GDP will suggest better living standards, increased economic activity that would generate more jobs leading to individuals having more disposable income to spend on things. Increased spending in the economy would give business more confidence to increase their investments, which benefits future growth. Rising GDP would mean better public services are offered like improvements in the field of education, better healthcare and national security. On the other hand if GDP increases rapidly then it could also have a negative effect on the economy. Increasing GDP would lead to higher inflation as people are purchasing more products then there is an incentive to increase prices. This would further have pressure on interest rates to rise, leading to a decrease in competitiveness both in the domestic and international markets. As nominal prices rise, real wages have to rise in accordance for people to afford products and this leads to rise in unemployment. Also in places like China rise in GDP has been associated with a rise in pollution levels from factories which can have a

The Economy is the backbone to society. There are many factors that operate in, and govern our society’s economical structure. Factors such as scarcity and choice, opportunity cost, marginal analysis, microeconomics, macroeconomics, factors of production, production possibilities, law of increasing opportunity cost, economic systems, circular flow model, money, and economic costs and profits all contribute to what is known as the economy. These properties as well as a few others, work together to influence the economy. Microeconomics and Macroeconomics are two major components. Both of these are broken down into several different components that dictate societal norms and views.