Emma Miller SS 141 02/22/18 Reflection Questions 1. I have made the decision to dedicate some of my personal resources of time and money to studying college economics because it can help me better understand my own choices and make better decisions as a consequence. Economics provides guidelines about how to make smart choices. My goal is that after I understand the material throughout this course, I will think differently about my everyday decisions. Unemployment represents the number of people in the workforce who want to work but do not have a job. It is generally stated as a percentage and calculated by dividing the number of people who are unemployed by the total. People who are unemployed are either temporarily laid off and expecting to return, or they are actively looking for a job. Consequences of unemployment that affect me include reduction in output, personal income and national income. There are some social consequences as well that include the rise in crimes, drug dependency and desertion of the family (more so by men who are agitated because they don’t have a job). The use of money in market systems facilitates the exchange of goods and services that specialization requires. It is a necessity for life, food, rent, clothes, etc. Aka, it’s a piece of paper that our minds give way too much power. It affects me and everybody else in every shape and form. Exports are the movement of goods or services out of one country/territory and into another. The global export and import system is essential to global stability. No one country is able to produce all the food that is consumed, as many foods are not grown in one country. Additionally, this applies to other areas such as automobiles, technology, clothes, etc. Consequently, this affects me because it majorly influences consumers as a whole and our economy directly, as well as impacting our currency level (which is one of the biggest determinants of a nation’s economic performance).
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