Have You Ever Thought About That Economic Is Effect In

Have you ever thought about that Economic is effect in our daily life? For example, every day, we will have to decide how much we can spend for our foods, clothing, and paying the bills. Like in our textbook said that â€Å"We could not get everything we want therefore we are naming the Scarcity.† In this essay, we will discuss about the U.S. Economy for the years between 2006 and now in terms of macroeconomic measures discussed in the course GDP, unemployment, and inflation rates. First, GDP is the dollar value of all goods and services produced by a given country during a certain period (Graham, 2017). GDP includes income and domestic expenditures. GDP income includes wages and salaries, corporate profits, interest collected by lenders, and†¦show more content†¦The BEA previews that each year, GDP data is changing monthly during the year as the following on the graph: Gross Domestic Product (GDP) Graph The second part we will talk about the inflation. Inflation is the rising price of goods and services over time. It s an economics term that means you must spend more to fill your gas tank, buy a gallon of milk, or get a haircut. That increases your cost of living (Amadeo, 2016). Inflation make our money value reduced if we compared in the past Dollar’s value higher than now. For example, before people can buy a gallon of gas 94 ¢ but now a gallon of gas over $2.00. Inflation rate also can increase or decrease of prices during a month or a year thus no one cannot be guaranteed. That’s why President Reagan said, â€Å"Inflation is as violent as a mugger, as frightening as an armed robber, and as deadly as a hit man.(Amadeo, 2016). Furthermore, hyperinflation causes when the inflation rate is more than 50% if it happens like that it will cause the recession or stagflation. The primary cause of inflation is when the government prints too much money thus government must not print too much money to make the money valuable down. 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