Eco 372 Week 2 Individual Assignment Personal Reflection

PERSONAL REFLECTION ON THE SELF 2 Personal Reflection on the Self The mission of who I want to be has been swayed by my dreams and goals that include but are not limited to individual accomplishment, skilled development, and to find out my true self. The encouragement that gives me the motivation to pursue who I would like to become has always interested me. The notion of self is based on ones experiences, way of life, sense of worth, and self-respect. One must always remember that perception plays an immense role in ones concept of self because it is the perception that one has of him or herself that gives them the views of their self. Having a personal intellect that one applies to their concept of self aids one in arranging and categorizing their actions, options, thoughts and feelings (Myers, 2010). Within society self-concept holds a key position. Regarding oneself, advancing knowledge gives way for the growth of one’s self-concept (Deckers, 2010). Held within the world there are many that yearn for success and for the most part one needs to understand who they are within this huge social matrix. Self-concept gives aid to assisting in a reply to the issue. To truly appreciate what self-concept is one must also take into consideration the two fundamentals that make it up. Within the mind’s eye, possible self is the description one will generate about one’s self view. For instance, the dream or vision that one wish’s of obtaining. Self-schemas, on the other hand, is the value concerning self that sequence and channel the dispensation of self-relevant data. An example of self-schemas is that one’s outlook of their selves may be that elegant, easy mannered, good looking, and sociable. An individual’s self-schemas aid them in shaping their self-concept. This facilitates one to have a management within their social etiquette.

Fundamentals of Macroeconomics Paper

ECO/372 Week 2: Write a 700- to 1,400-word paper summarizing the results.

Consider the following examples of economic activities:

  • Purchasing of groceries
  • Massive layoff of employees
  • Decrease in taxes

Describe how each of these activities affects government, households, and businesses. Describe the flow of resources from one entity to another for each activity. Relate at least one current event to the activities.

The study of macroeconomics is an academic discipline that examines the interactions of individuals on a large scale. Society as we know it is a constantly evolving collection of trends and behaviors that can be quantified into numerical results. The following paper discusses several macroeconomic scenarios that we commonly see in society. First, the simply act of purchasing groceries can have many underlying economic concepts. Next, the paper will examine how massive employee layoffs can create a ripple effect in the economy. Lastly, an explanation of the impact of decreased taxes will be explained in detail. Together, these concepts will highlight the fundamental importance of macroeconomic principles in society.

Purchasing Groceries

The simple task of purchasing groceries is influenced by may other components in the global economic systems. The foods we find at the grocery store were largely farmed and produced vast distances from the grocery store itself. For instance, avocados were likely sourced in Mexico, bananas in Brazil, processed foods in China, coconut water in Thailand, wine in France, and so on. Every country has a comparative advantage when it comes to international trade, thus making it more efficient to source grocery products from all around the world. If we attempted to produce all these goods in the United States it would be far less efficient and prices and supply would be adversely affected. Consumers create demand for these products and the countries with the highest comparative advantage are able to succeed in the free global market.

Adding an additional layer of complexity to purchasing groceries is regulations imposed by governments in these countries. Governments can impose tariffs, regulatory restrictions, quotas, and bans that alter the dynamics of the free market. A recent example of this is Russia’s ban of all food imports from the United States and the European Union. This sanction negatively impacts some countries, while creating an opportunity for other countries that could not compete effectively in the market.

Massive Employee Layoffs

The great global recession brought many negative elements to the economy, not the least of which was massive employee layoffs. Businesses are responsible to their shareholders above all else, thus making layoffs a common requirement during tough economic times.  For an individual, being laid off means that the person will have less money to spend. Discretionary and luxury items will be the first sacrifices of the jobless person, then essential goods will be cut if the person is unable to find work. When this happens on a large scale, it can cause businesses to suffer, especially those they rely on luxury spending from average middle class Americans. In turn, this could cause more layoffs and lead to a massive economic depression. The consumer society that has evolved in the west is reliant on a constant level of consumer spending. Cash flow from various party to party creates wealth for business and provides jobs for workers. If the cash flow stops, the system will no longer be able to provide stable wages for workers and consistent returns for shareholders.

Decrease in Taxes

Tax collection has become a crucial task of the U.S. government to maintain revenue to support its many functions. Implementing a decrease in taxes is generally considered a positive choice for businesses and a negative choice for entities reliant on government funds. When taxes are decreased it indirectly provides businesses with additional capital that can be used to grow operations, thus creating jobs and adding value to society. Lower taxes also benefit middle-class and wealthy consumers by providing additional funds to spend. However, if taxes were decreased too much, the government would be unable to support crucial agencies and possibly be unable repay treasury bonds. Lower taxes also leave less funding available to fund social projects, such as Social Security, Medicare, etc.

Summary

Microeconomics gives us a fundamental understanding of the behavior of society on a grand scale. The choices we make at the grocery store are driven by many large-scale factors that allow goods to flow from producers to consumers. Changes to the spending ability of consumer, such as those that occur during massive layoffs, can create a negative ripple effect through the economy. Lastly, government decisions related to taxes can have many implications on businesses and the government’s ability to operate. In conclusion, the global macroeconomic system impacts the lives of virtually every individual on the planet.

 

  • Student: Abby

  • Textbook: Macroeconomics

  • Course: ECO 372 Week 2

 

 

0 Replies to “Eco 372 Week 2 Individual Assignment Personal Reflection”

Lascia un Commento

L'indirizzo email non verrà pubblicato. I campi obbligatori sono contrassegnati *