Please use the following outline to complete the essay: 6 pages.
Introduction:
Describe economic indicators and briefly describe the United States economy
Business Cycle:
What are the four phases of the business cycle? Which phase are we in now? When do you think the United States economy will move to the next phase? Visit the NBERLinks to an external site. website and review the recent business cycle data. How long as the economy been in the current phase?
Gross Domestic Product:
What does GDP measure? What is the current level of GDP for the United States? What is the percentage growth from last year? Do you expect this growth rate to continue? Visit the Bureau of Economic Analysis Links to an external site.for recent GDP data.
Inflation:
How do economists measure inflation? Did the CPI recently increase or decrease? Visit the Bureau of Labor StatisticsLinks to an external site. website and explore the Consumer Price Index section. Summarize the latest press release and explain what caused the index to increase or decrease.
Unemployment:
How do economists measure unemployment? Why is unemployment not a perfect measure of joblessness? Visit the Bureau of Labor StatisticsLinks to an external site. website and explore the national unemployment rate section. What is the current level of national unemployment? Has it increased or decreased? Explain why the unemployment rate has changed.
Monetary Policy:
What is monetary policy? Who conducts monetary policy in the United States? Visit the Federal ReserveLinks to an external site. website and read the most recent FOMC statement. Did the FOMC increase or decrease interest rates? Explain why the FOMC changed the interest rate and how a change in the interest rate impact the economy as a whole.
Fiscal Policy:
What is fiscal policy? Is the President and Congress currently running expansionary fiscal policy or contractionary fiscal policy? Visit the Congressional Budget OfficeLinks to an external site. and report a project that could impact the budget (search topics then pick an area that you find interesting).
International Trade:
Visit The Observatory of Economic ComplexityLinks to an external site. and report the top five imports and top five exports of the United States. Which countries do we trade with the most? Should America encourage free trade with its trading partners or seek a more protectionist approach? Take a stand on this issue. Support your opinion with good economic reasoning. Who benefits from your approach and who loses? Why? Include impacts on both American citizens and the citizens of the other countries with whom we (U.S.) trade.
Conclusion:
Summarize the overall state of the United States economy.
(Each section 1-2 paragraphs). MLA or APA format.
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