Using median economic data, the middle class is under siege. Statistics show that the median family income (inflation adjusted) sharply increased from 1947 to 1970, due in part to sharp increases in productivity. Since then, however, incomes have been stagnant; 2000 to 2005 actually showed a decline of 0.5 percent in median family incomes.[13]One should also note that these numbers are derived before, not after, taxes.

The expectation that each generation will do better than their parents has become a fundamental part of what we call "The American Dream." In a recent article the Brookings Institute stated, "New data suggested that this once solid ground may well be shifting. This raises provocative questions about the continuing ability of all Americans to move up the economic ladder and calls into question whether the American economic meritocracy is still alive and wellUsing median economic data, the middle class is under siege. Statistics show that the median family income (inflation adjusted) sharply increased from 1947 to 1970, due in part to sharp increases in productivity. Since then, however, incomes have been stagnant; 2000 to 2005 actually showed a decline of 0.5 percent in median family incomes.[13]One should also note that these numbers are derived before, not after, taxes.

The expectation that each generation will do better than their parents has become a fundamental part of what we call "The American Dream." In a recent article the Brookings Institute stated, "New data suggested that this once solid ground may well be shifting. This raises provocative questions about the continuing ability of all Americans to move up the economic ladder and calls into question whether the American economic meritocracy is still alive and wellUsing median economic data, the middle class is under siege. Statistics show that the median family income (inflation adjusted) sharply increased from 1947 to 1970, due in part to sharp increases in productivity. Since then, however, incomes have been stagnant; 2000 to 2005 actually showed a decline of 0.5 percent in median family incomes.[13]One should also note that these numbers are derived before, not after, taxes.

The expectation that each generation will do better than their parents has become a fundamental part of what we call "The American Dream." In a recent article the Brookings Institute stated, "New data suggested that this once solid ground may well be shifting. This raises provocative questions about the continuing ability of all Americans to move up the economic ladder and calls into question whether the American economic meritocracy is still alive and well

Question nine

1. Which of the following is not a Productive Resource?

2. Which of the following issues is related to microeconomics?

3. The word economy comes from the Greek word for

4. Economics deals primarily with the concept of

5. The opportunity cost of an item is

6. Factors of production are :

7. In the circular-flow diagram,

8. . In the circular-flow diagram,

9. Scarcity is a condition that exists when

10. Company goals that are concerned with creating employee and customer satisfaction and maintaining a high degree of social responsibility are called ___________ objectives.