Academic Writing-Economics

Labor force data, including the unemployment rate and human capital estimates: In a market-based economy, the ability to earn income through employment is closely tied to well-being. Furthermore, workers with more education and training (which increase human capital) typically earn higher wages and have more job opportunities. a. In the U.S. unemployment data is gathered and reported monthly by the Bureau of Labor Statistics ([login to view URL]) (part of the U.S. Department of Labor). Select the dinosaur icon in the “Latest Numbers” section to view historical data on U.S. unemployment rate (civilian labor force). Report the unemployment rate for the most recent month provided in the table. b. Use the same source to review the monthly U.S. unemployment data since 2010. Describe the general trend in the unemployment rate since 2010, using data to support your answer. (1-2 sentences) c. How is the unemployment rate measured by the BLS? As part of your answer be sure to define the terms “labor force,” “employed,” and “unemployed” in your answer. (3-4 sentences) d. Education is essentially an investment in human capital. Briefly summarize information from Chapter 29 about historical trends in U.S. education and potential challenges to educational attainment that have arisen since the 1970s. (3-4 sentences) You can skim chapter 29 here on this site, but give it time to load since it's a big file! [login to view URL] 3. Data on prices, including the inflation rate: As you know from your macroeconomics course, inflation erodes the purchasing power of income. Additionally, high and unpredictable inflation rates can lead to disruptions in financial markets. In both cases, unmanaged inflation can have a negative impact on societal well-being. a. The BLS also provides data on U.S. price indices and inflation, including the CPI and the PPI. Select the dinosaur icon in the “Latest Numbers” section to view historical data on the inflation rate as measured by the CPI. Report the inflation rate for the most recent month provided in the table. b. Watch this 2008 video: [login to view URL] , then briefly summarize the situation that it depicts. Note that the video is describing a situation that existed in the summer of 2008. (3-4 sentences)