The US Economy
Reflect on how you answered the questions in the Week 1: Discussion – The State of the Economy: How has the U.S. economy been doing in recent years? Why do you think that is? Gather relevant economic statistics, such as the growth rate of real GDP, the unemployment rate, and the inflation rate, to support your case. In recent years the economy has generally been doing well. While the COVID anomaly has caused a recession and will no doubt impact our economy in many ways for years to come, prior to COVID we have been doing well, steadily climbing at a rate of about 2.5%. The Dow Jones Industrial Average, a composite index of 30 large US companies have already recovered to near pre-COVID levels, and the general consensus is that we are moving in the right direction now. (Team, 2020) I think that weve been doing well largely due to our makeup and identity. The US possesses a stable government, a generally well-educated workforce with a solid work ethic and entrepreneurial spirit. The desire and encouragement to open new business and innovate existing business, products and process also helps us to be successful. As of Oct 2nd, 2020 the unemployment rate in the US was at 7.9% and was showing a steady decline since the dramatic increase in March of this year due to the COVID-19 pandemic. Gross Domestic Product decreased at a rate of 31.4% in the second quarter of 2020, almost entirely due to the pandemic. Assignment: “How has the U.S. economy been doing in recent years? Why do you think that is? Discuss the impact of economic policies, as well as provide alternatives. Gather relevant economic statistics, such as the growth rate of real GDP, the unemployment rate, and the inflation rate, to support your case. In a 3-page paper, address the question and apply the concepts, theories, and sources that you have learned throughout the course to solidify or update your argument. Explain how your answer has evolved through the consideration of discussions and materials covered. Week 1: Measuring Economic Performance Week 2: Fiscal Policy Week 3: Aggregate Supply, Aggregate Demand, and Economic Policy Week 4: Monetary Policy Week 5: Current Issues Week 6: International Economics Week 7: The Economics of Developing Countries Rubric Grading Rubric for Assignments Grading Rubric for Assignments Criteria Ratings Pts This criterion is linked to a Learning Outcome Clarity and Format: Responses and explanations are correct, clearly presented and properly written. 20.0 pts This criterion is linked to a Learning Outcome Thoroughness/Completeness: All aspects of the assignment are addressed. All questions are responded to in a thorough, thoughtful, well-developed manner. 20.0 pts This criterion is linked to a Learning Outcome Data Presentation: Data, findings, and information are accurate and are presented properly in the requested manner, i.e. using the template, in a table, etc. 20.0 pts This criterion is linked to a Learning Outcome Application of Class Material: Relevant class material and other resources (as applicable) are utilized to support, enhance, and defend conclusions and responses. 20.0 pts This criterion is linked to a Learning Outcome Use of References: APA-style references are provided for the course text, videos, and any external references, both within the body of the text and in the end reference section. (For assistance with how to reference in APA style, refer to the Purdue OWL following website. 20.0 pts Total Points: 100.0
