Economic Indicators
ASB-1200 Business Study Skills
Assignment 2: Individual Report (50%)
This report provides an analysis and evaluation of the current and prospective profitability of Austria. The data will be used to advise a US-based multinational company that manufactures and sells its products in a number of other countries. Methods of analysis will include the extensive analysis of valid secondary economic data, regarding economic indicators ranging from GDP to population size.
Economic indicators are various strands of data that provide knowledge and information on how global economy is operating. An economist might use economic indicators as compass to direct themselves, and to predict future economic outcomes. Macroeconomists is the study of economic indicators, these indicators show economist how well the economy is operating, by revealing the present state of a region in terms of the production and consumption of goods and services and the supply of money. There are a whole array of economic indicators, I will touch on a few and discuss the factors that influence them.
(Taylor & Mankiw 2014, pp.438 -458). In this book the authors suggest that GDP can be used to assess a market’s productivity. Gross domestic product is the monetary value of all finished products and services, created within a particular country. GDP also includes public and private government spending. It also includes the value of exports minus imports.
GDP is an example of an economic indicator, which is used to gauge the economic well-being of a country. Therefore giving economist insight on a nation’s living standards and level of productivity. Under the expenditure approach, GDP can be calculated as the addition of consumption, investments, government spending and net imports.
Consequently, any changes to the elements within the above equation will result in the change in GDP.
The level of economic activity within the economy is determined by the amount of input entering the economic
Assignment 2: Individual Report (50%)
This report provides an analysis and evaluation of the current and prospective profitability of Austria. The data will be used to advise a US-based multinational company that manufactures and sells its products in a number of other countries. Methods of analysis will include the extensive analysis of valid secondary economic data, regarding economic indicators ranging from GDP to population size.
Economic indicators are various strands of data that provide knowledge and information on how global economy is operating. An economist might use economic indicators as compass to direct themselves, and to predict future economic outcomes. Macroeconomists is the study of economic indicators, these indicators show economist how well the economy is operating, by revealing the present state of a region in terms of the production and consumption of goods and services and the supply of money. There are a whole array of economic indicators, I will touch on a few and discuss the factors that influence them.
(Taylor & Mankiw 2014, pp.438 -458). In this book the authors suggest that GDP can be used to assess a market’s productivity. Gross domestic product is the monetary value of all finished products and services, created within a particular country. GDP also includes public and private government spending. It also includes the value of exports minus imports.
GDP is an example of an economic indicator, which is used to gauge the economic well-being of a country. Therefore giving economist insight on a nation’s living standards and level of productivity. Under the expenditure approach, GDP can be calculated as the addition of consumption, investments, government spending and net imports.
Consequently, any changes to the elements within the above equation will result in the change in GDP.
The level of economic activity within the economy is determined by the amount of input entering the economic