Team B, Week 2 Reflection
Team B, Week 2 Reflection University of Phoenix
ECO/372
January 14, 2013 Team B, Week 2 Reflection
In week two, our class discussed two topics: supply and demand and the factors that affect it, and various fiscal policies. While we all learned a lot of information, we also struggled with certain information.
Ashley learned more about aggregate supply and demand. While she’s always heard of people speaking about it, she never really quite knew what it was and how it affects so many people. She’s learned that there are so many factors and each of those factors affects all others. She also learned that contactionary fiscal policy does not require both high taxes and cuts in spending; rather it can be either higher taxes or cuts in spending. The same holds true for expansionary policy. It could either reduce taxes or increase spending or do both.
Geraldine believes when one is looking at the impact of aggregate demand and supply, one must look at the relationship between the overall price level. The nation’s supplier produces the quantity of goods and services. When the public goods are at a lower cost this increases the economic efficiency; this is the cause of supply curves.
Mabel learned in this class how important various factors can affect the aggregate supply and demand. I did not realize how important they interacted with each other. For instance, unemployment rates vary as a result of the economic interaction with supply and demand. When jobs are relocated to third world countries this increases employment rates because there are not enough jobs in the United States for Americans.
Interest rates are moved by the federal government to balance the market and our nation that makes a huge impact on the economy. During the Bush administration, the expansionary fiscal policy approach was used, which cut taxes, increased government spending, reduced the monies available to the private sector, and drove our country
ECO/372
January 14, 2013 Team B, Week 2 Reflection
In week two, our class discussed two topics: supply and demand and the factors that affect it, and various fiscal policies. While we all learned a lot of information, we also struggled with certain information.
Ashley learned more about aggregate supply and demand. While she’s always heard of people speaking about it, she never really quite knew what it was and how it affects so many people. She’s learned that there are so many factors and each of those factors affects all others. She also learned that contactionary fiscal policy does not require both high taxes and cuts in spending; rather it can be either higher taxes or cuts in spending. The same holds true for expansionary policy. It could either reduce taxes or increase spending or do both.
Geraldine believes when one is looking at the impact of aggregate demand and supply, one must look at the relationship between the overall price level. The nation’s supplier produces the quantity of goods and services. When the public goods are at a lower cost this increases the economic efficiency; this is the cause of supply curves.
Mabel learned in this class how important various factors can affect the aggregate supply and demand. I did not realize how important they interacted with each other. For instance, unemployment rates vary as a result of the economic interaction with supply and demand. When jobs are relocated to third world countries this increases employment rates because there are not enough jobs in the United States for Americans.
Interest rates are moved by the federal government to balance the market and our nation that makes a huge impact on the economy. During the Bush administration, the expansionary fiscal policy approach was used, which cut taxes, increased government spending, reduced the monies available to the private sector, and drove our country
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