Day 2.. it's still good. Still more grading to be done, grades to submit, presentation to work on, conference submission to complete... gonna need 80 degree weather to melt all of this mess! Find waldo?
An illustration of supply and demand would be how, in 2020, as the COVID-19 epidemic broke out, gasoline usage plummeted. As a result, prices rose swiftly as the industry ran out of storage capacity. @LuiggiDonayre@econ_ta#ECONumd
Beginning in 2008, numerous nations throughout the world initiated fiscal stimulus programs in response to the Great Recession. These nations' sluggish economies were boosted by diverse combinations of tax cuts and government spending. @LuiggiDonayre@econ_ta#ECONumd
Governments use fiscal policy tools to influence the economy. These primarily consist of changes to tax and spending rates. To promote growth, taxes are reduced while spending is increased. This frequently entails borrowing via public debt issuance. @LuiggiDonayre@econ_ta
The impact of these fluctuations is limited to a single industry or market. A flood, for example, may have an impact on distribution capacity within a specific region. @LuiggiDonayre@econ_ta#econumd
#econUMD A budget deficit is illustrated by a tax policy that undertaxes high-income earners while overtaxing low-income earners.@econ_ta@LuiggiDonayre
#EconUMD When an international transaction account has a negative net amount or negative balance, a trade deficit exists. Since 1975, the United States has had the greatest trade imbalance in the world. The United States imported and consumed a lot.@LuiggiDonayre@econ_ta
After defeat in WWI Germany had to pay reparations as punishment; the govt printed money to try and pay for them. This resulted in hyperinflation. #econumd@LuiggiDonayre@econ_ta
#EconUMD Covid had a significant impact on the labor force in the United States. My favorite coffee shop's hours have been severely impacted by a labor shortage. Instead of staying open until 8, they now close at 6. @LuiggiDonayre@econ_ta
#EconUMD Consumers are becoming less willing to spend as inflation and interest rates continue to rise. Should families start saving money and be concerned about an impending recession? @LuiggiDonayre@econ_ta
#EconUMD Tax revenue less government spending equals public savings. Public saving is linked to both a budget surplus and a budget deficit. The difference between tax revenue and government spending is referred to as the budget surplus, whereas the budget deficit is the inverse.
#ECONumd An increase in productivity among employees in a nation will result in an increase in the GDP and incomes of that nation. @LuiggiDonayre@econ_ta
My cousin is currently part of the frictional unemployed since she is looking for a job that suits her degree she just earned the best. #ECONumd@LuiggiDonayre@econ_ta
When I had to quit working at home last year to go to school, I was between jobs but also actively looking for one, thus this would be classed as frictional unemployment. #econumd@LuiggiDonayre@econ_ta
The Fed's rate hikes are almost certain to be significantly higher in the near future. Loans will have less purchasing power as long as inflation remains high. The increase will be harmful to small businesses that rely on loans for funding. #econumd@LuiggiDonayre@econ_ta