Question

4. How do you think understanding principles of Economics will help you with your future professional goals? Be as specific as possible.

5. The U.S. economy is now several years past the “great recession”, in what way did the Great Recession impact you or your family. Give some examples. Are you optimistic or pessimistic about the economy and give reasons why?

6. Do you think the Current President and Administration will be able to keep the economy growing? Why or why not? Explain your thinking.

Answer 1

4)Principles of economics help in achieving future professional goals of employment, financial stability etc In order to maximise lifetime utility we should control our consumption patterns. Again spending some money in education will help to get good jobs and will give greater overall utility.Taking a student loan and then repaying it when we are working as well as saving during life, will help in old age.

5) The great depression laid stress on American families and their members in major ways like social . psychological and economic It has disorganised and deprived families.Marriage and birth rates declined.Divorced rates also declined because of the inability to pay the fees of lawyers.Unemployment and underemployment exist.In order to support their family, women started to look for jobs.Women take up low paying jobs to render financial support As for eg married women entered the workforce and this percentage rose even after depression years.Married women also contributed by intensifying household labor as for eg maintaining vegetables garden , remaking old clothes.Another eg is that Congress of Industrial organisation unions emphasized family life ie family oriented social and recreational activities.After the 1930's the federal government has come to play a major role in health , welfare, education, housing of American families.. I am optimistic about the situation because the federal government is taking action .

6)Presidents have less power over the economy.They can influence the economy but cannot control it..As for eg Reports of July 18 indicate that Trump's policies had little impact on the GDP and employment of US economy . In August 2019 , concerns were made about a possible future US recession due to Trumps trade policies.