SOLUTION: ECO 100 SU Macroeconomic Variables & Indicators Complex Systems Discussion

Week 9 Assignment: Economic Principles – Macroeconomics
Overview
It is important to be able to convey your understanding of macroeconomic concepts by communicating them to
others. In the workplace you might do this by writing papers or reports (as you did for the Week 5 assignment)
or creating presentations for your team, manager, or clients. For this assignment, you will develop a final report.
An Example Macroeconomic Paper and Macroeconomic Paper Template are provided in this week’s
assignment in the courseroom.


Review the Macroeconomic Paper Example [DOCX].
Use the Macroeconomic Paper Template [DOCX] to help you get started.
For this final report assignment, you can use the same industry you selected for the Week 3 assignment, or you
can select another industry.

Prepare a 2–3 page final report in which you examine one of the macroeconomic variables below:
o Real Gross Domestic Product (GDP).
o The unemployment rate.
o The inflation rate.
Instructions

Visit the Census Bureau (NAICS) website and select an industry that has a description. Some of the
smaller industries are named, but not described.
o The industry could be broad, such as industry 11 Agriculture, Forestry, Fishing and Hunting, or
it could be narrow, such as industry 112112 Cattle Feedlots.
▪ The more digits in the industry label, the narrower the industry.
In a few short paragraphs:
1. Describe your selected industry using the industry description at the NAICS website. Be sure to write in
your own words. Don’t just copy and paste the NAICS text.
o Identify some of the major companies in this industry. You will probably have to do a Google
search for this information. For example, you could search for “Biggest U.S. Cattle Feedlots.
o Identify the goods, and/or services this industry produces. Use the information from the NAICS
website. You can supplement this information with what you find in a separate Google search.
2. Select one of three macroeconomic variables (real GDP, the unemployment rate, or the inflation rate)
that a business person in your chosen industry should monitor, and explain why that variable is
important and how it might have an impact on your selected industry.
3. Describe in a sentence or two the important movements of the variable in the table and graph.
© 2020 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and
Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part,
without the expressed written permission of Strayer University.
o
Excel tables and graphs are attached for each of the three macroeconomic variables (real GDP,
the unemployment rate, and the inflation rate).
o Review the Excel table and graph for the macroeconomic variable that you chose.
4. Summarize how you think this industry will perform in the future.
o Be sure to provide support for your prediction of this future industry performance.
5. Your report should include a minimum of two references/citations in the text.
6. This course requires the use of Strayer Writing Standards. For assistance and information, please refer to
the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for
any additional instructions.
Resources to Complete the Assignment





Week 9 Assignment with NAICS Example [DOCX].
Business Source Complete.
This database has an option to search the Publication Type of “Industry Profile.”
o Instructional Video on how to use Business Source Complete.
D&B’s business directory.
o Using this site, you can search by industry, get a profile of the industry, and see top companies.
Fortune 500 directory.
o You can find information on the top companies in most categories.
This assignment is aligned to this course outcome:

Apply macroeconomic concepts to current and personal economic events and decisions.
© 2020 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and
Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part,
without the expressed written permission of Strayer University.
Develop a paper on this industry. In a few short paragraphs,
o Describe your selected industry using the industry description at the NAICS website. Be sure to
write in your own words. Don’t just copy and paste the NAICS text.
o Identify some of the major companies in this industry. You will have to do a Google search for
this information. For example, you could search for “Biggest U.S. Cattle Feedlots.”
© 2020 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and
Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part,
without the expressed written permission of Strayer University.
o Identify the goods, and/or services this industry produces. Use the information from the NAICS
website. You can supplement this information with what you find in a separate Google search.
1. Choose one of three macroeconomic variables (real GDP, the unemployment rate, or the inflation rate)
that a business person in your chosen industry should monitor, and explain why that variable is
important and how it might have an impact on your selected industry.
2. Excel tables and graphs are attached for each of the three macroeconomic variables (real GDP, the
unemployment rate, and the inflation rate). Review the Excel table and graph for the macroeconomic
variable that you chose. Describe in a sentence or two the important movements of the variable in the
table and graph.
3. Summarize how you think this industry will perform in the future. Be sure to provide support for your
prediction of this future industry performance.
4. Your report should include a minimum of two (2) references/citations in the text.
5. This course requires the use of Strayer Writing Standards. For assistance and information, please refer to
the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for
any additional instructions.
This assignment is aligned to this course outcome:

Apply macroeconomic concepts to current and personal economic events and decisions.
© 2020 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and
Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part,
without the expressed written permission of Strayer University.
Real GDP Example – Table 1
Real GDP Example – Graph 1
© 2020 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and
Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part,
without the expressed written permission of Strayer University.
Unemployment Rate Example – Table 2
Unemployment Rate Example – Graph 2
Inflation Rate – Table 3
Inflation Rate – Graph 3
© 2020 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and
Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part,
without the expressed written permission of Strayer University.
Final Report
The U.S. Retail Furniture Industry
By Adam Smith
ECO100
Professor John Doe
1/1/2020
Almost everyone buys furniture. We use furniture in our houses and businesses as places to sit
(chairs, sofas, stools), work (desks, chairs), and sleep (beds.) It’s an important part of everyday life.
Furniture is manufactured all around the world and is sold to consumers and businesses. Sometimes it is
sold through online sites. It is also sold through retail stores. This paper describes the U.S. retail furniture
industry.
Description of the U.S. Retail Furniture Industry
Furniture is defined as “movable articles, as tables, chairs, desks or cabinets, required for use or
ornament in a house, office, or the like.” (dictionary.com, 1) There are many different categories of
furniture. Furniture includes household furniture, outdoor furniture, and office furniture. (Census Bureau,
NAICS category 442110, 2)
There are thousands of furniture retailers in the United States. Some of them are owned by chains.
Some are individual “mom and pop” outlets. The two biggest furniture retailers are Ashley Furniture and
Ikea. (apartmenttherapy.com, 3) U.S. furniture sales were $111 billion in 2019. (modishstore.com, 4) The
top 100 furniture retailers accounted for 75% of all furniture sales in the United States. (modishstore.com,
4)
Retail Furniture Executives Should Monitor Unemployment
Business executives in the retail furniture industry should monitor the unemployment rate.
Furniture is a durable good. Consumers often delay durable good purchases when the economy is weak.
They make do with what they have as long as they can when they are unemployed. The unemployment
rate is a good indicator of how able consumers are to purchase durable goods such as furniture. By
monitoring the unemployment rate, business executives in the retail furniture business will get an
indication of how strong future sales will be.
2
Movements in the Unemployment Rate
The Excel table and graph show that the unemployment rate increased during the Great Recession
of 2008-2009. But it has declined since then all the way through 2019.
Future of the Retail Furniture Industry
The COVID-19 quarantine hurt many industries, including retail furniture. Customers stayed
home more and did not go shopping. I think that retail furniture sales will increase when people feel safe
again. This might not happen until a vaccine for COVID is available. After people feel safe to shop, I
think retail furniture sales will be strong. The need for furniture is still there. Customers need to be able to
go to stores and make their purchases safely. (furnituretoday.com, 5)
Sources
1. https://www.dictionary.com/browse/furniture
2. https://www.census.gov/cgi-bin/sssd/naics/naicsrch?code=442110&search=2017%20NAICS%20Search
3 https://www.apartmenttherapy.com/top-100-us-furniture-stores-by-137079
4 https://www.modishstore.com/blogs/decor/us-furnituremarket#:~:text=The%20Market,reaching%20%24111%20billion%20in%202019.
5. https://www.furnituretoday.com/welcome-ad/?retUrl=/furniture-retailing/retail-stores-starting-toreopen-after-covid-19-outbreak/
3
Final Report
Title
By Your Name
ECO100
Professor’s Name
Date
Industry Goods and Services
(In this section you should select an industry and do research on that industry. Describe the
industry and the goods and/or services this industry produces. Remember that an industry is a group of
companies doing the same thing. For example, Ford is a company. Automobile manufacturing is an
industry. Also identify some of the major companies in the industry and the goods or services that the
industry produces. Use these instructions for doing research on the industry:
Go to the Census Bureau (NAICS) website and select an industry that has a description. (Some of
the smaller industries are named, but not described.) https://www.census.gov/cgibin/sssd/naics/naicsrch?chart=2017 The industry could be broad (such as industry 11 Agriculture,
Forestry, Fishing and Hunting). Or it could be narrow (such as industry 112112 Cattle Feedlots).
The more digits in the industry label, the narrower the industry.
Additional tools available in the Strayer library:
Business Source Complete:
https://libdatab.strayer.edu/login?url=https://search.ebscohost.com/login.aspx?
authtype=ip&profile=ehost&defaultdb=bth This database has an option to search the
Publication Type of “Industry Profile,” Insert Amber’s video here.
D&B’s business directory: https://www.dnb.com/business-directory.html. Using this site, you
can search by industry, get a profile of the industry, and see top companies.
Fortune 500 directory: https://fortune.com/fortune500/2020/search/. You can find information on
the top companies in most categories.
Please delete these instructions before submitting your paper.)
Describe a Macroeconomic Variable that Business Executives in Your Industry Should Monitor
(In this section you should choose one of three macroeconomic variables (real GDP, the
unemployment rate, or the inflation rate) that a business person in your chosen industry should monitor,
and explain why that variable is important and how it might have an impact on your selected industry.
Please delete these instructions before submitting your paper.)
Review the Provided Excel Table and Graph for Your Chosen Macroeconomic Variable.
2
(Describe in a sentence or two the important movements of the macroeconomic variable you chose
in the table and graph. Please delete these instructions before submitting your paper.)
Summarize How You Think This Industry Will Perform in the Future
(Summarize how you think this industry will perform in the future. Be sure to provide support for
your prediction of this future industry performance. Please delete these instructions before submitting
your paper.)
Sources
1. List in order of use. You need at least two.
2. List a second source here.
3. Repeat for additional sources.
3

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