General Education Common Graded Assignment ECON 201 2022 Examining the Effects of Inflation, Globalization, Outsourcing of Production, and Consumer Buying Behavior

sea Community College of Baltimore X Project - Fall 2022 CCBC ECON20 X ECON201cga_APPROVED_2022 C X Ask a Question X X C File | C:/Users/mohammad/Downloads/ECON201cga_APPROVED_2022%20Correction%20(2).pdf . . . Imported from Inte... [ Utomik Games B. Booking.com Express VPN a Amazon.com - Onli... .|LastPass password... it Is Croquet Good Ex.. .. Flipgrid | b58962df Technology impact b Gun Control: Weap.. > Other favorites 2 of 6 Q + Page view | A Read aloud | T) Add text | V Draw Highlight Erase KA CO3 The assignment is due on or before (This date must be in the last third of the course and before Finals week.) Electronic submissions should be made with the student's ID number (900#) as the file name through Brightspace. Student and instructor names should not appear on electronic submissions. O + Russell 2000 3:56 PM 2.20% 11/28/2022sea Community College of Baltimore X Project - Fall 2022 CCBC ECON20 X ECON201cga_APPROVED_2022 ( X Ask a Question X X C File | C:/Users/mohammad/Downloads/ECON201cga_APPROVED_2022%20Correction%20(2).pdf . . . Imported from Inte... [ Utomik Games B. Booking.com Express VPN a Amazon.com - Onli... .|LastPass password... #t Is Croquet Good Ex.. .. Flipgrid | b58962df Technology impact b Gun Control: Weap.. > Other favorites 3 of 6 Q + | Page view | A Read aloud T) Add text | V Draw ~ Highlight Erase KA CO3 ECON 201-Introduction to Macroeconomic Principles Examining the Effects of Inflation, Globalization, Outsourcing of Production, and Consumer Buying Behavior Step 1: Interview a person who is at least 20 years older than you are and who was, back when they were your age, in a similar economic situation as you are now. In this context, "similar" means the following: About the same general cha aracteristics, in terms of gender, ethnicity, family status. About the same workplace skills, talents, and educational qualifications. Comparable type of work by reference to skill/educational/talent requirements, place in the managerial hierarchy, etc. Comparable life styles-e.g., part-time worker, part-time student, and/or whatever else you consider important in your particular situation. In the interview, you will determine at least 5 items that both of you purchase(d) regularly and of which they can recall the cost of in general. In the event that you, yourself do not work-or not work enough for you to cover a significant portion of your current expenses-you should substitute the person who is your principal supporter (e.g., a parent) and interview her/him, along with a person at least 20 years older, etc. (see above) as the "other pole" of your comparisons. In any case, you should be sure to obtain two comparable individual situations, separated by at least 20 years Begin by finding out the (after tax and other withholdings) hourly wage earnings each person (that is, yourself + or the substitute financial supporter, on the one end, and the older person who was in a similar situation to you/ your substitute two or more decades ago). In the event the wage information is in annual rather than hourly terms, you should convert by dividing that figure (again, net of taxes and other withholdings) by the approximate number of hours of work per year involved in that earner's workload. Step 2: Next, find the prices of at least five items then (that is, in the recollection of the older person) and now (that is in your own-or your substitute's- situation). Examples are The cost of filling up the car (but how would you deal with the possibility that the cars in your comparison may be markedly different in size, efficiency, etc.?) The expense of an evening out with a date (again, are there noteworthy differences in what dating entailed back then and now?) The weekly food bill of the individual or household (here it is important that you try to compare similar numbers/ages of those who are being fed-but do keep an eye open for other changes in the nature of the "food baskets" you are comparing over time The replacement cost of the user's main television set or home computer (here you may face some serious challenges adjusting for product quality change as well as consumer viewing habits!) The cost of replacing the car each person is/was using (have consumer choices changed here? How OneDrive ... X about car performance standards?) The cost of an everyday clothing outfit (and here, too, there may be noteworthy changes in what such an outfit consists of) Screenshot saved . The cost of tuition for a class at this or a comparable educational institution [ For your information, in 1981, tuition in Baltimore County's community colleges was $10 per credit (no The screenshot was added to your technology fees, back then)] OneDrive. Russell 2000 a 3:56 PM 2.20% 11/28/2022 1sea Community College of Baltimore X Project - Fall 2022 CCBC ECON20 X ECON201cga_APPROVED_2022 ( X Ask a Question X X C File | C:/Users/mohammad/Downloads/ECON201cga_APPROVED_2022%20Correction%20(2).pdf . . . Imported from Inte... ) Utomik Games B. Booking.com ) Express VPN a Amazon.com - Onli... .. .. LastPass password... It Is Croquet Good Ex.. @ Flipgrid | 658962df Technology impact b Gun Control: Weap. > Other favorites 4 of 6 + Page view | A Read aloud T) Add text | V Draw Highlight Erase KA CO3 of health insurance. Since these both are influenced by fairly similar economic factors, the data that you are likely to gather for each will tend to be multiples of each other. And, by the time you have calculated the percent changes in each item, you will probably discover that your results are nearly identical. It would therefore be preferable to vary your "basket" of items so as to account for distinct trends in quantity, price, and qualitative change over time. Step 3: Organize the price data in a table, where you show the cost of each item then and now, divided by the corresponding wage rate. The result will be a list of "real prices" (with hours of work put in as the price deflator). For example, the data cited in the last bullet, above, would show that it took 1.94 hours of work at minimum wage rates to pay for one college credit (this would make the real price of a 3-credit course about 6 hours). How many hours do you have to put in to pay for a 3-credit class today? To make your data-crunching easier to follow, please complete the table by showing the percent over-time change in real prices. In the preceding example, imagine that the "today" figure turns out to be about 30 hours (9.76x3). Dividing this by 6, you get a rounded figure of 5; this suggests that a class costs 500%, or five times, more work-earnings today, as compared to back in 1981. (For more details, please check the examples below.) Calculation required: Money prices Prices in work-hrs Change + Item Now Then Now Then Absolute Percent B C D E G List type Enter Enter Divide amount Divide amount Calculate Divide col. F of price- price in col. B by in col. C by (D-E) to by col. E and purchase now, then, wage-now wage-then find how multiply the (one per 2022, of 1997, O many result by 100 row) item on item on hours to obtain % left left more change in (less) you your labor must work "payments for item in for each item col. A in col. A Example Assume the wage now is | $12.50 Assume the wage then was $5.15 (a) Filling up the car: One gallon of $3.70 $1.40 0.296 0.272 0.024 8.886 gas Russell 2000 a 3:56 PM 2.20% 11/28/2022sea Community College of Baltimore X Project - Fall 2022 CCBC ECON20 X ECON201cga_APPROVED_2022 C X Ask a Question X X C File | C:/Users/mohammad/Downloads/ECON201cga_APPROVED_2022%20Correction%20(2).pdf . . . Imported from Inte... ) Utomik Games B. Booking.com Express VPN a Amazon.com - Onli... .|LastPass password... # Is Croquet Good Ex... .. Flipgrid | b58962df Technology impact b Gun Control: Weap.. > Other favorites 5 of 6 Q + Page view | A Read aloud | T) Add text | V Draw Highlight Erase KA CO3 Car tank capacity (lasts 5 Note that what really matters is not just the cost of a single days, gallon of gas, but rather the actual cost of filling up the car local 10 16 so it can be driven around for a set number of days driving) gallons gallons Cost of filling up $37.00 $22.40 2.96 4.35 -1.390 -31.946 the car ($37.00/$12.5 ($22.40/$5.15) (178 0)= 2.96 hours = 4.35 hours min-261 (-83/261) or 178 or 261 min..)= x100= -83 -32% minutes minutes minutes (b) A ball game outing: Price of one ticket $41.00 $35.00 In this case, the items then and now are identical; the only thing that has changed is their pricing. Since the prices Price of a changed unevenly, the actual labor you'd have to put in so hot dog $3.00 $2.00 as to buy each item would vary accordingly. In Economics 202, you'll learn that this variation might induce you to substitute cheaper items for the more expensive ones; for + Price of a beer $7.00 $3.00 example, you could buy more beer (1.33 times as expensive) but drink it at home, giving up going to the game and catching it on TV instead! Cost of a ball- game $102.00 $80.00 8.16 15.53 -7.374 -47.470 outing for two (490 ($102.00/$12. ($80.00/$5.15) 50)= 8.16 = 15.53 hours min.-932 (442/932) hours or 490 or 932 min. )= x100= -442 minutes -47% minutes minutes OneDrive . . . X Screenshot saved Step 4: The screenshot was added to your After completing your table, conclude by writing a short commentary (a minimum of 3 pages, double OneDrive. spaced, using a Times New Roman 12 point font and 1 inch margins), remarking on what you've learned from your findings. Russell 2000 a 3:56 PM 2.20% 11/28/2022 1sea Community College of Baltimore X Project - Fall 2022 CCBC ECON20 X ECON201cga_APPROVED_2022 C X Ask a Question X X C File | C:/Users/mohammad/Downloads/ECON201cga_APPROVED_2022%20Correction%20(2).pdf . . . Imported from Inte... [ Utomik Games B. Booking.com Express VPN a Amazon.com - Onli... .. .. LastPass password.. # Is Croquet Good Ex.. Flipgrid | 658962df Technology impact b Gun Control: Weap.. > Other favorites 6 of 6 Q + 0 Page view A Read aloud T) Add text | V Draw Highlight Erase KA CO3 o Do you see any evidence that people's working and spending habits have changed in response to rising or falling real costs? o Do people select the type of car they own according to fuel efficiency, in reaction to (real) fuel prices? Describe how the advent of globalization and the outsourcing of production have affected purchasing decisions, including how the goods are purchased and the cost of the purchases Should consumers be willing to pay more for goods made in America to support keeping jobs in this country? Why or why not? Research will be required for this project. Include a minimum of three additional scholarly or peer-reviewed secondary sources using the library databases to inform your commentary. Properly formatted APA 7 student style parenthetical citations and References page is required (this is in addition to the three page commentary and data table). Submission Requirements: Submission should include a table of prices and wages with accurate calculations Minimum 3 page commentary typed in Times New Roman 12-pt font, double-spaced with 1" margins. The References page is not included in the assigned page length. APA 7 student style format and documentation for parenthetical citations and a References page. All parts of the assignment must be in a single file; Word or PDF formats only. Use the Economics Scholarly Resources handout to identify three peer-reviewed or scholarly resources Use CCBC Economics Library Guide to assist with identification of reliable resources. + Electronic submissions should be made with the student's ID number (900#) as the file name through Brightspace. Student and instructor names should not appear on electronic submissions. OneDrive ... X Screenshot saved The screenshot was added to your OneDrive. Russell 2000 3:56 PM 2.20% 11/28/2022 1sea Community College of Baltimore X Project - Fall 2022 CCBC ECON20 X ECON201cga_APPROVED_2022 C X Ask a Question X X C File | C:/Users/mohammad/Downloads/ECON201cga_APPROVED_2022%20Correction%20(2).pdf . . . Imported from Inte... Utomik Games B. Booking.com Express VPN a Amazon.com - Onli... .|LastPass password... it Is Croquet Good Ex.. .. Flipgrid | b58962df Technology impact b Gun Control: Weap. > Other favorites 1 of 6 Q + Page view | A Read aloud | T) Add text | V Draw ~ Highlight Erase CO3 General Education Common Graded Assignment ECON 201 2022 Examining the Effects of Inflation, Globalization, Outsourcing of Production, and Consumer Buying Behavior ECON 201-Introduction to Macroeconomic Principles is a general education course designed to assist students in the development of critical life skills. One of the goals of this assignment is to assess student competence for each of these objectives: Written and Oral Communication-Explain the economic rationale for international trade in terms of division of labor and comparative advantage (CCO12) Critical Analysis and Reasoning-Apply economic principles in the analysis of at least one contemporary macroeconomic issue (CCO14) Ill. Information Literacy- find, evaluate, use, and cite appropriate academic sources related to macroeconomics (CCO16) V. Scientific and Quantitative or Logical Reasoning-Interpret quantitative data presented in graphs and tables (CCO3) V. Personal and Professional Ethics- explain the ethics of allocating scarce resources in a mixed economy (CCO5) In addition to the general education objectives listed above, this assignment assesses students' understanding and application of the following skills and knowledge specific to ECON 201: Effects of the global economy and outsourcing of production on inflation and consumer buying behavior Impact of online shopping on inflation and consumer buying behavior ASSIGNMENT: + Students interview a person 20yrs their senior about prices of common goods or services and compare those costs to their own experiences. Students illustrate the price changes as they relate to wages. Students explore the typical US standard of living over time. Purpose: Students apply economic principles to their own lives. In this activity students learn how to effectively evaluate percentage change over time and the influence of inflation to the economy. Audience: Course Instructor Directions: Students will conduct an interview to determine differences in the relative costs of goods or services between the current economy and that of 20yrs ago. Calculations with respect to changes over time will be completed and an analysis of the impacts of those changes as relates to macroeconomic economic principles and the application of those principles and observations to the student's life experiences will be made. See attached details instructions for students. ASSIGNMENT SPECIFICATIONS Submission should include a table of prices and wages with accurate calculations Minimum 3 page commentary typed in Times New Roman 12-pt font, double-spaced with 1" margins. The References page is not included in the assigned page length. APA 7 student style format and documentation for parenthetical citations and a References page. All parts of the assignment must be in a single file; Word or PDF formats only. Use the Economics Scholarly Resources handout to identify three peer-reviewed or scholarly resources Use CCBC Economics Library Guide to assist with identification of reliable resources. GRADING: This assignment will account for 10% of the total course grade. See attached rubric for details about how your essay will be graded. Russell 2000 a 3:56 PM 2.20% 11/28/2022