Week 8 Assignment
BUSN 5260
Current Economic Analysis
Problems
Problem 1
In what specific ways (if any) does a college education increase a worker's productivity? Take some special care with this problem.
I think that a college education can be beneficial in increasing a worker’s productivity in a few ways. First, utilizing a college degree in a concentrated area like management allows you to better plan your workforce tasking, delegation techniques, conflict resolution and hiring capacities. Granted, all of these skills could be learned over a course of one’s career. Other areas, like nursing or other medical jobs allow you to be efficient in patient care, medication dispersion, and medical transcription. This allows for more efficient time management.
Problem 2
In what way is Per Capita GDP a better measure of economic well being than GDP? How does this relate to economic problems in the undeveloped world?
Per Capita GDP is a typical way to measure the standard of living for any given area; it is also used as a better measurement of economic well-being; because it measures the average individuals’ national income against the national income. The per capita GDP provides a better determination of living standards as compared to the overall GDP. It is a more reliable measurement for determining the economic state of a nation based on an individual angle. In undeveloped nations because most of these nations have a slow GDP growth while their population growth is constantly rising higher than their GDP. This in-turn provides a low per capita GDP, therefore weakening their living standards.
Problem 3
Is limitless growth possible? Justify your answer thoroughly.
I do not think limitless growth is possible. As growth relies on the resources from The Earth, we can only have so much. The ever disappearing resources are consequences of the one basic mistake, the commitment to affluence and growth. They are all being generated by the pursuit of material living
Current Economic Analysis
Problems
Problem 1
In what specific ways (if any) does a college education increase a worker's productivity? Take some special care with this problem.
I think that a college education can be beneficial in increasing a worker’s productivity in a few ways. First, utilizing a college degree in a concentrated area like management allows you to better plan your workforce tasking, delegation techniques, conflict resolution and hiring capacities. Granted, all of these skills could be learned over a course of one’s career. Other areas, like nursing or other medical jobs allow you to be efficient in patient care, medication dispersion, and medical transcription. This allows for more efficient time management.
Problem 2
In what way is Per Capita GDP a better measure of economic well being than GDP? How does this relate to economic problems in the undeveloped world?
Per Capita GDP is a typical way to measure the standard of living for any given area; it is also used as a better measurement of economic well-being; because it measures the average individuals’ national income against the national income. The per capita GDP provides a better determination of living standards as compared to the overall GDP. It is a more reliable measurement for determining the economic state of a nation based on an individual angle. In undeveloped nations because most of these nations have a slow GDP growth while their population growth is constantly rising higher than their GDP. This in-turn provides a low per capita GDP, therefore weakening their living standards.
Problem 3
Is limitless growth possible? Justify your answer thoroughly.
I do not think limitless growth is possible. As growth relies on the resources from The Earth, we can only have so much. The ever disappearing resources are consequences of the one basic mistake, the commitment to affluence and growth. They are all being generated by the pursuit of material living