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Why economics is considered a social science

ECO372 Week 1. All 4 DQs. ++.

Why economics is considered a social science? What role does economics play in your personal and professional lives?
What is the difference between real and nominal GDP? Does GDP accurately reflect the nation’s welfare? Why or why not? How can a country’s GDP be manipulated? In your opinion, is the U.S. GDP being manipulated? Explain your answer.
What are the different types of unemployment? How do they affect the economy in terms of growth, labor force, and price of labor?
Identify economic factors that affect the real GDP, the unemployment rate, the inflation rate, and a key interest rate. How do you predict the economy will perform in the next two years given the current state of two of the economic factors you identified? How might your organization be affected by these changes?


 

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