Premium Essay

Business Econ 545 Project Paper

In: Business and Management

Submitted By mia7474
Words 1168
Pages 5
Business Economics GM545
FALL TERM

Chapter 15: Q14 There is a lot to be said about being a part of a national estimation or basic "guesstimation "in my mind. Any time there is a standard that is based on a calculation of how much the average versus the absolute, and then you are always going to have a situation where the guess may not be as all inclusive as needed be. When Richard Stone came up with the system to gauge how much is being spent in each household and funneling back into the market this was a "just-about" ingenious way to make sure we know what is going on in our economic basic structure. Coming up with a way to measure the expenditures of the Americans in comparison to other nations can be very useful when trying to figure out the needs that society may have and what it takes to fill the gaps however, this can take an unforeseen turn of events just as it did in the days of the great depression. The problem with accurate representation from a society that income fluctuates based on shortcomings in the ability to employ the employable is that income is never the same. There are businesses in this country that go unaccounted for and there are businesses that are being accounted for that is no longer in existence and this affects the estimation. If this information is not taken into account the numbers or end result will definitely be an inaccurate one. Just like in the days of the days of the Great Depression the information that was used to devise the needs of the American people came in slow and the resources to gather information was outdated so this made it very hard for our leadership to come up with policies to address the needs of the public in a timely and efficient manner. I believe that we are definitely being held by a limited amount of data that is available only to databases and government agencies on a need to know basis. If…...

Similar Documents

Premium Essay

Business Econ Gm545 Project Paper 2

...Business Economics GM545 May 2012 Chapter 16 Question 5 According to our text book, frictional unemployment is used to describe he short period of time that people are unemployed between jobs. Usually it is when someone quits a job for another job that they want and there is a short period of time that the person spends between jobs. This time is referred to as frictional unemployment. Even when people quit their jobs and don’t have another one lined up it can still be referred to as frictional unemployment if they are able to find a new job within a short period of time. (Stone, Gerald. CoreEconomics. Worth Publishers, 07/2011. p. 443). Frictional unemployment is a natural part of the employment cycle. It shows us that there are choices for both employers and employees. Typically when the economy is expanding there are jobs available and people feel comfortable moving from one job to another without much fear of being unemployed for too long. Structural unemployment is the opposite of Frictional Unemployment and refers to the extended periods of time that people spend unemployed (Nayab, 2012) Both employees and employers benefit from the presence of frictional unemployment. Employers can choose from talented pool of individuals and employees can choose where they want to work from the different options available. This leads to people finding jobs that are better suited to their needs and skills. Also when people don’t feel stuck in...

Words: 721 - Pages: 3

Premium Essay

Project Paper Gm 545

...Business Economics GM545 December 7, 2010 Exercise 1 Economists break unemployment down into three distinct varieties - Structural, Frictional, and Seasonal. Structural unemployment is unemployment that comes from there being an absence of demand for the workers that are available. The two major reasons that cause an absence of demand for workers in a particular industry are: 1) Changes in technology, as personal computers replaced typewriters, typewriter factories shut down. Workers in typewriter factories because unemployed and had to find other industries to be employed in; 2) Changes in tastes: If bagpipes become unpopular, bagpipe companies will go bankrupt and their workers will be unemployed. Policy suggestions to reduce structural unemployment include providing government training programs to the structurally unemployed, paying subsidies to firms that provide training to displaced workers, helping the structurally unemployed to relocate to areas where jobs exist, and inducing prospective workers to continue or resume their education. Frictional Unemployment is unemployment that comes from people moving between jobs, careers, and locations. Sources of frictional unemployment include the following: 1) People entering the workforce from school; 2) People re-entering the workforce after raising children; 3) People changing employers due to quitting or being fired (for reasons beyond structural ones); 4) People changing careers due to changing interests. 5)......

Words: 1155 - Pages: 5

Premium Essay

Econ 545 - Project 2

...ECON 545: Course Project- Part #1 Instructor: Vernon Hobbs Date: Student: Exercise #1: Everyone’s Gasoline Problem. We are familiar with fluctuating prices of gasoline at the pump. Why does this happen? Research the recent history of gasoline pricing in your area, and attempt to relate any fluctuations you observe to documented supply and demand factors outline in our book. Be sure to cite any references used. Answer: Below is the supply and demand curve that we review when observing gasoline prices going up in the field. Basically under normal conditions we see the equilibrium price being where supply intersects demand at EQ and EP. However, as we experience issues where manufacturers end up not supplying as much fuel as before we see supply shift to the left and this is seen in the supply graph S2. We also see equilibrium price move up because of this from EP to EP1. An example of such an incident occurred during the Katrina Hurricane back in August 2005. The hurricane damaged the 30 oil platforms and the closure of nine refineries. This reduction of oil production reduced the amount of supply of gasoline for the nation. Thus rising the price of gas nationwide. Exercise 2: Chapter 3 Question 14. Assume initially that the demand and supply for premium coffees (one-pound bags) are in equilibrium. Now assume Starbucks introduces the world to premium blends, and so demand rises substantially. Describe what will happen in this market as it moves to a new......

Words: 669 - Pages: 3

Premium Essay

Project 1 Econ 545

...BUSINESS ECONOMICS 545-PROJECT 1-MICROECONOMIC ANALYSIS KELLER GRADUATE SCHOOL OF MANAGEMENT Comments from Professor: Need more content next time. no Elasticity calculation, No profit maximization, minimal on determinants Abstract Cindy wants to invest in a new business that involves the installation of solar panels. In order to make an informed decision on this business venture, she will need to review potential profit/loss in the solar panel industry by considering future prospects for this type of business. Cindy also needs to decide whether she will invest her own funds or borrow the money to start the business. The imminent growth of the solar photovoltaic (PV) industry is almost certain. When observing the rising costs of coal and natural gas prices, the decrease of PV system costs, and the government support of solar technology, the PV market looks to have a significant increase in volume over the next few years. According to SolarBuzz, a website dedicated to Solar Power and Energy, The solar PV industry has reached a critical tipping point, with end-market demand hitting record levels almost every quarter. This growth is being driven by leading module suppliers and project developers that returned to profitability during 2013, and which have now established highly-effective global sales and marketing networks.” (NPD Group, Inc., 2013) The article also states that “demand in Q1’14 will also achieve record-breaking status, as the strongest first-quarter...

Words: 909 - Pages: 4

Premium Essay

Econ 545: Business Economics Project Two: Microeconomic Analysis

...ECON 545: Business Economics Project Two: Microeconomic Analysis Situation B For Situation B, Cindy is looking at investing into the renewable energy industry. She is looking at one section of the industry to invest in, which is that of contracting the installation of solar panels. Cindy, has read, that families and businesses are saving money by going to solar for their power needed. Also, that there are government back regulation to make solar more assessable to people. For Cindy, she is looking pass the business opportunity for installing solar planes, but that this product can reduce pollution and help save the environment. GDP and Solar Energy In the United States and most nations in the world, energy is vital in keeping society stable and expanding. Energy provides the ability to aid in transportation, activities in daily living and employment. In the United States, $1.2 trillion dollars were spent on energy in 2013 or 8.3% of the GDP. That translates into an annual cost of 3,895 dollars per person was spend on energy consumption. With the great environmental impact seen by the production of energy, there was been more of a call, for renewable energy forms, as that of solar panels. The United States dose consumes 19% of the world’s energy supply and a 19% total of the world’s GPD. With the large needed for energy, companies are looking for new way to produce this produce that cost less and reduces the environmental impact. Renewable energy consumption is......

Words: 3274 - Pages: 14

Premium Essay

Econ 545 Week 2 Project Part 1

...In the file MGT 449 Week 5 Team Assignment Quality Improvement Implementation Paper Quality Management and Productivity you will find overview of the following parts: 1. Introduction 2. Identify a quality management system for process or organizational improvement 3. Summarize the requirements of the chosen system 4. Explain how your quality management system will benefit the organization 5. Define the variation you have identified in the as-is flow chart 6. Detail the implementation plan for your chosen quality improvement process 7. Examples of the quality tools plan to use for identifying and reducing process variability. 4. Conclusion 5. References Business - Management ·  Write a 1,400- to 2,100-word proposal recommending a process improvement to the management team of Hartman Industries, LLC. Work together to complete the following in your proposal: 1.  Identify the Hartman process or procedure for quality improvement.  2.  Detail the steps of the chosen process and discuss how the quality system is applied to it.  (As-Is) This can be done in a flow chart or written step by step.  3.  Explain how your recommended quality management system will benefit the process of the organization. (Should-Be) 4.  Define the variation you have identified from as-is to should-be. In other words, what part of the process are you fixing? 5.  Detail the implementation plan for your......

Words: 351 - Pages: 2

Premium Essay

Project 1 Econ 545

...Project 1 | ECON 545 – Microeconomic Analysis | Submitted by: Adriana Sabou Email: ady_mierea@yahoo.comCourse: ECON 545Professor: Alex Gialanella | 9/20/2014 9/20/2014 Contents: Page Introduction ……………………………………………………………………………………………. | 2 | Overview ……………………………………………………………………………………………….. | 2 | Relevant Information ……………………………………………………………………………….. | 3 | Determinants of Demand, Supply …………………………………………………………………….. | 4 | Relevant Data ………………………………………………………………………………………….. | 7 | Recommendations……………………………………………………………………………………. | 9 | Economic Justification ……………………………………………………………………………….. | 9 | References …………………………………………………………………………………………….. | 11 | Introduction Overview Cousin Edgar needs to understand/decide if he should invest in buying two gas stations. He must consider the high costs of pursuing this idea on business and to try to recover his costs quickly. If the cost of gasoline is taken as a measuring rod then he needs to understand if he can earn enough to recover the costs of investing. Starting a gas station business can be one of the best decisions Cousin Edgar can make as an entrepreneur. He can either set up new gas stations or buy gas stations for sale. If he decides to buy one then he must have some knowledge about how to buy a gas station and if he is planning to set up new gas stations on his own then he is going to need to do some serious research as to how he can go from start to launch. He needs to consider doing lots......

Words: 2712 - Pages: 11

Premium Essay

Econ 545 Course Project

...Course Project – Part 1 By: Erik Gomez Econ545 11/7/13 Professor: LILIANA N. FARGO PH.D. Ejgomez4@gmail.com Everyone’s Gas Problem Gas prices fluctuate in the U.S. every year and the current national average is around $3.67 yet in Chicago the average gas price is $4.10 (press). What causes gasoline’s prices to fluctuate? And why are Chicago’s gas prices one of the highest in the nation? One of the culprits is supply and demand. OPEC (Oil Producing and Exporting Counties) governs 81 % of the world’s oil reserves and can easily influence the price of crude oil by either increasing or decreasing the production(OPEC). Since gasoline is relatively inelastic, consumer will still need to purchase it even at a higher price. Taxes also influence the ultimate price of gasoline as it tends to distort the price. Chicago’s taxes fluctuate between 70 to 90 cents per gallon in comparison to the rest of the state, which averages around 40 cents a gallon. The cause of higher taxes involves the city spending habits. For example, Millennium Park cost the taxpayers $270 million. World events, to my surprise, have a significant impact in the fluctuation of oil prices. War, national disasters, hurricanes and floods all play a factor in the ultimate price of gas. When BP had their rig explode in 2010 it created a ripple effect around the world causing and increase in demand from other sources driving up the price of crude oil effectively increasing gas prices. These events create a......

Words: 756 - Pages: 4

Premium Essay

Econ 545 - Business Economics Project 1

...BUSINESS PLAN: SOLAR PANELS INSTALLATION SITUATION B Report of Project 1 – Microeconomic Analysis Keller School of Management – DeVry University ECON 545 – BUSINESS ECONOMICS Prof. John Hinrichs January 28, 2015 1. Introduction This is a business report to evaluate the profitability and success of starting a contracting company for installing solar panels in 2015. The report was asked by Miss Cindy B. and it’s purpose is solely to provide Miss Cindy B. the most detailed and informed advice possible. In order to contextualize the type of business Miss Cindy B. wants to begin, the article “US boosts ‘game-changer’ solar technology in bid for global market share” – page 374 of the textbook – was studied and will be cited several times during this paper. Industry Overview The solar energy industry is growing in America, as can be seen by the increase in global demand for solar cells. The US Department of Energy is investing hard on the industry, offering over $12 billion dollars in loans to solar projects. A particular company called 1366 Technologies received a $150 million loan guarantee due to it’s new technology that promises to reduce drastically the costs of production of wafers for solar cells. Studies show that ‘1366’s machines simplify the traditional manufacturing process into one step, slashing costs by more than half. That’s important, since silicon wafers account for about 40 percent of the cost of today’s solar panels, and manufacturers...

Words: 3788 - Pages: 16

Premium Essay

Econ 545

...La’Kita Miñcy lmincy@my.keller.edu “Macroeconomics Analysis-Project 3” ECON 545 February 8, 2015 Professor: Dr.Melton “Macroeconomics Analysis-Project 2” Introduction Uncle Dan just as with your idea of wanting to create an organic farming market for your farm; this also is a situation is one that I am very familiar with as I am also a landlord here on my farm property #3. As you know grandma decide to lease out the farm properties on farm land #3.There are several issues that have to address before any cash crop can be planted on farm land organic or otherwise. First; as I mentioned in my e-mail to you about three weeks ago the same rules applies for this type of project since it is still farm property. Here in the State of Georgia as I am sure it is a regulation in the other 49 states to be considered a commercial or corporate farmer you must submit a request to your state’s Department of Agriculture. Next; you must be up-to-date with all of the local, state, and, federal land taxes to apply to all properties owned. Finally; you must count the cost; because as a land owner of any kind of property especially a landlord you are responsible for maintenance and upkeep of the property even though it is rented out to a tenant. Also; you or the tenant will have to` have some kind of Renter‘s Insurance in case of a natural disaster or a personal injury, just-in-case. GDP(Growth Rate) The Gross Domestic Product Growth Rate in my area is astounding; because we live a......

Words: 2067 - Pages: 9

Premium Essay

Gm 545 Project 1 Paper

...Business Economics GM545 Summer Session A July 2011 One Question One: Everyone’s Gasoline Problem Gas prices are constantly fluctuating with reviewing the text we see where the United States has depended on the Middle East to purchase the crude oil to manufacture the gas needed to fuel our cars. (Stone, 2007) It was evident that there were issues during the years of 2006 and 2007 when we seen the biggest rise in gas at that time there was not much we could do we needed to purchase the gas to use for everyday functionality throughout the United States we seen here in the state of Florida (Jacksonville) particularly that the prices went from $2.10per gallon to an all time high of $3.06 this increase was not gradual it was almost overnight when this increase was a period just about a month. This tended to come from some events that occurred in the following countries Mexico, Iran, Iraq, Israel, India, and North Korea that have energy markets on edge and the crude oil prices were heavily elevated at that time. (Jacksonville Bussiness Jornal, 2006). When looking at recent information that has been collected on gasoline prices we tend to look at earlier month May 2011, Jacksonville Florida was getting near the $4.00 per gallon with that we then seen a drop in prices from $4.00 down to $3.85. Typically this is when the summer driving season is starting and the elasticity for fuel starts to rise and continues to do so along with that need for gas the prices rise along with......

Words: 1334 - Pages: 6

Free Essay

Econ 545 Project 2 Rick

...Expansion ECON545 Expansion Rick is interested in expanding his auto parts company to include many other potential customers. Rick would like to receive an informed opinion from someone who has had education on economical topics such as business cycles, unemployment, inflation, monetary policy, etc. before he commits to this endeavor. All of these topics and statistics will be taken into consideration and once informed Rick will make his decision accordingly. Business cycles A business cycle can be defined as “The fluctuations in economic activity that an economy experiences over a period of time” (Investopedia, n.d.). On average different business cycles have lasted around 69 months with expansion this period lasting 58 months and contraction 11 (Investopedia, n.d.).  Of the various cycles the early expansion stage is the one most suitable for starting and or expanding a business. During this stage there is documented evidence that businesses in fields such as technology, entertainment, and services experience an increased profit margin. During the contraction phase, which includes severities such as recessions, only services such as healthcare flourish (Investopedia, n.d.). GDP is an important concept to consider when expanding a business. It measures consumption and production amounts within a specific country within a given timeframe (Investopedia, n.d.). Although there are critics of this method who argue that not all transactions are reported to the......

Words: 1342 - Pages: 6

Premium Essay

Econ 545

...ECON 545 BUSINESS ECONOMICS PAPER PROJECT ONE INTRODUCTION The career choice made by an individual today is basically for the entire journey of life. This paper will be basically based on situation A, where Jenny needs advice in making decision for her career as to be a doctor. The focus of this paper will be demand and supply of physicians in US market and it will elaborate on determinants of demand and supply of physicians with recent data analysis, price elasticity of demand and supply, construction of demand and supply graph using the recent data. Thus, based on the analysis the recommendations will be identified in regards to market of physicians in US economy. DEMAND FOR PHYSICIANS According to NBC news dated November 4th 2013, 6.27pm ET, stated that “demand for doctors will increase by 2025”. The reason for this change in demand for doctors is due to the determinants of demand. The determinants of demand are the factors that lead to changes in the demand for the doctors in the economy. A) Determinants of Demand for Physicians The factors that affect the demand for Physicians in the US market are as follows: i) Price of Physicians The fee charged by physicians determines the demand for them, as the fees increases the demand of physicians will decline. As it is noted in US economy there are high volume of medical insurance policies which help individuals to cover their medical expenses which leads to increment in the demand for......

Words: 1681 - Pages: 7

Premium Essay

Econ 545 - Project 1

...Deandra Romanoff ECON 545 May 25th, 2014 It is indeed very lucrative for potential owners to purchase gas stations in our current economic condition where gas prices are at sky high, especially in places where public transportation is scarce. On average, the whole United States have faced an increased in gas prices nearly 5 cents from March 21st, 2014 to April 4th, 2014 (Reuters, 2014). According to Reuters, Lundberg survey has shown that this increase in gas prices was caused by an increase in demand. In fact, the United States has been experiencing gas prices increasing since early February this year after gas prices saw a price fall in late 2013 (Reuters, 2014). Despite of the fact that gas prices and demand for gas is high, it makes sense for cousin Edgar to spend his money on purchasing gas stations because the facts suggest that he could gain a lot of profits by operating gas stations. However, there are other various factors that cousin Edgar must take into consideration before spending his money, such as the gas demand and supply, the price elasticity of both, the cost of gas production, as well as the future challenges that awaits him in the future. One thing that Edgar must know about what can affects demand is the availability of substitute product, which in this case the substitute product for gas would be the use of public transportation. In places where there is a good public transportation system like in San Francisco, the demand for gas could be more......

Words: 3096 - Pages: 13

Premium Essay

Gm 545 Project Paper 1

...Business Economics GM545 Feb/2012 lynnettehamrick@yahoo.com The gas prices in my area have significantly increased within the past few weeks. I reside in Silver Spring Maryland and my Nissan Maxima requires premium fuel.  The current price at Shell for premium gasoline is $3.999.  I'm paying $4 a gallon for gas.  Fox five dc news reported that last year around this time, the price for regular gasoline was $3.25 a gallon (http://www.Thepriceoffuel.com).   The gas prices lately have not been stable and since the recession started in 2008 the gas has been fluctuating around $4 a gallon for regular oil. Gas prices fluctuate for many reasons which include the price for crude oil in the world market, supply and demand for gasoline, local competing gas stations, government regulations, and taxes. Crude oil prices are 55% of the price of gas and distribution and tax account for the remaining 45% (http://www.Thepriceoffuel.com).  The demand for gas occurs around summer vacation and major holidays where motorist consume the most gas.  When people drive less and use other means of transportation like, car pools, public transportation, and bicyclist, this brings the demand down.      The average price in Maryland for regular gas is $3.626 compared to a month ago at $3.416.   The highest gas stations in the area our in Montgomery county, where as locations like Baltimore county and Waldorf have cheaper priced gas.  Another aspect of the lower prices is that these our......

Words: 950 - Pages: 4