Understanding the Factors Affecting the Unemployment Rate Through Regression Analysis

-The nation’s GDP is a good measure of its economic well being and progress because it represents the total value of all goods and services produced in an economy, and what a country produces and what it consumes are nearly identical.

14. Explain why a nation’s GDP is both a good and poor measure of its economic well-being and progress?

Working off the last paragraph, less unemployment leads to a higher overall production of products, leading to a higher GDP. A higher GDP leads to a higher standard of living. Basically if everyone in an economy was working and being productive, the economy would start to flourish (Doc 2). But due to an increase in firings and unemployment, the cornucopia of the economy is struggling (Doc 3). The job market is suffering and business struggle to find workers (Doc 1). Workers are important to the economy, keeping it running successfully and completing the business

c. This is a huge difference compared to life in high school where student tends to be a passive learner in high school because teacher in every class comes to help you without asking, like providing a study guide on test that way you know what to study for.

Early years play a significant role in the life of any human being. Recently, there has been a lot of discussions about whether kids should spend their early years in school or not. In this essay, the reasons for students spending time in school until the age of eighteen will be discussed.

The revenues are not enough to provide for the population growth. This affects families to save less because they are spending all of their income on basic needs and cannot afford to educate their children, which produces poverty in the next generation. This results in low qualification and low chance of employment for children when they reach the working age. Due to this, industries and services cannot develop. With the increase of population, the volume of employment and unemployment increases. The number of unemployed depends on the size of the active population called the Labour Force. If the growth rate of the population is higher than the job opportunities available to the labour force, unemployment will occur. When there is an increase in population, society is solely focused on providing the basic needs. This results in the lack of obtaining education and because of this they cannot help the economy expand. Also, there are more consumers with the increase of population than producers, causing the restriction of economic expansion.

First of all, economic growth is one of the macroeconomic objectives that the government wants to achieve as a primary goal and it happens when there is a rise in the enlarged product of population and per capita consumption. According to Hoover (2011), economic growth is the total material output of good values and service values in the market, measured by Gross Domestic Product (GDP) in a specific period of time. The growth of GDP is measured by excluding intermediate consumptions (production and resale), purely financial transactions and second-hand sales, which prevents double counting. To obtain an accurate value of economic growth, GDP needs to include the total output of expenditures and incomes.

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.

Another desirable effect of economic growth is increased tax revenue, the government receives more money from tax payers with out having to increase tax rates. If people are earning more, the more money they will pay in tax, the more money companies make the more tax they must pay to the government. The more money the government gains in tax revenue the more they can do to improve the country, they can invest in transport and infrastructure, they can make improvements to health care and they may even need to employ more people further reducing unemployment.

The GDP per capita is frequently used as a pointer as the average of living for individuals in a specific area, and economic growth means the increase in the average standard of living. Though, there are a few struggles in using the GDP per capita to calculate the general well being. For example: 1- GDP does not provide any information relevant to the sharing of income in a

There are various other important aspects associated with the economy in general and community in particular that determine wellbeing of the economic agents and these aspects are totally ignored by the concept of GDP. GDP is unable to take into account the strengths of marriages, the intelligence of the public, and the integrity of the public institutions. These moral aspects of the community play significant role in its economic development too. Wisdom, courage, learning, compassion, and devotion all such factors make our lives worthwhile and therefore it is not a wise option to ignore these factors while talking about the economic

a. “By educating me at home, my parents were able to give me individualized attention without the usual distractions that kids in regular school experience, like dating and friendship. Not to mention that traditional school can be dangerous. I’ve heard about kids catching the flu and chicken pox, even Judaism.

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

Economic growth refers to the rate of increase in the total production of goods and services within an economy. Economic growth increases the productivity capacity of an economy, thereby allowing more wants to be satisfied. A growing economy increases employment opportunities, stimulates business enterprise and innovation. A sustained economic growth is fundamental to any nation wishing to raise its standard of living and provide a greater well being for all. Gross domestic product (GDP) is the monetary value of all final goods and services produced over a year. It is the total value of production within the economy. The total value of production is the total value of the final goods or services less the cost of

This research also shows that economic growth, on average, raises incomes for both the rich and the poor. It helps to lift the poorest in society out of absolute poverty and does not automatically increase inequality. More importantly, no country has managed to lift itself out of poverty without integrating into the global economy.