Economic Conditions in an Economy
This course discusses different measures to understand the economic conditions in an economy. You will be looking at states within the United States instead of another country. The purpose of this assignment is to have you gather information on various measures for states in the United States and use this information to arrive at a conclusion about the economic well-being of a state. Steps: Step 1. Choose any 5 of the 50 states in the United States that you would like to compare. Step 2. Use the resources available at the library or online to get information on the following macroeconomic measures for each of the 5 states for the year 2016 or the latest available date. You must collect all the 15 pieces information indicated below for each state. Make sure the data is in the right units. i) Real GDP (in US$) since this is for a state it is called Gross State Product ii) Size of Population (in millions) iii) Labor Force (in millions) iv) Per Capita income (in US$) v) Unemployment rate (percentage) vi) People below poverty level (percentage) vii) Consumer Price Index (CPI). viii) Top 3 occupations with the most people employed and their average yearly salaries. ix) Top 3 occupation with the highest salaries and their average yearly salaries. x) % of population 25 years or higher with a Bachelors degree or higher (percentage) xi) Median home price (in US$) xii) Home ownership rates (percentage) xiii) Violent Crime Rate (per 100,000 inhabitants) xiv) % of people not covered by Health Insurance (percentage) xv) Households with internet access (percentage) (Good sources for all this information are the US Census Bureau, Bureau of Economic Analysis, Bureau of Labor Statistics, and the Federal Bureau of Investigation. However, you are free to choose any other source as long as you cite the source for all the information collected for your assignment.) Step 3 (Week 8 submission). Turn in all this data for the project on one page in an Excel spreadsheet by the end of week 8 on Ulearn. It is important you be able to format everything to make it easily presentable and readable to any audience. Feedback will be provided on the data if required and these changes need to be incorporated before you turn it in with the final paper. Step 4. Write a report that addresses the following topics: Compare and contrast the 5 states you have chosen. Provide an economic argument and rationale for choosing one of the 5 states in your group that you would prefer to live and work in? Use the data on the above 15 variables collected by you to write a paper on how the 5 states compare to each other and which of these states would you rather live and work in. You are free to use any additional information you want. Include the above Excel data spreadsheet with all the data in your report. Step 5. (Week 10 submission) Turn in your report on Ulearn (written 3 page minimum + 1 page data spreadsheet + citations, MLA format) by the end of week 10.