ASSIGNMENT ON ECONOMICS

Part 1: History of economic systems and financial crisis:

  1. What was the economic system of the country in the past? What is the economic system of the country now? Explain.

The United States of America has mixed economic systems, which is an amalgamation of command economy as well as market economy. As compare with the market economies of the world, the US has more inclination towards free market economic frameworks. The features of the market economy state that the people have the freedom to perform any economic activity as they like to do. The element of command economic systems are also present in US where the authoritative orders of the government could be seen in the form of safety and environmental rules and regulations which the businesspersons have to obey.

  1. How many recessions’ does United States have? List all of them.

The United States economy has seen numerous recessions up until this time and the number of recessions were 47 since 1790. The lists of the recessions in United States are-

  • Panic of 1785
  • Copper Panic of 1789
  • Panic of 1797
  • 1802–1804 recession
  • Depression of 1807
  • 1812 recession
  • 1815–21 depression
  • 1822–1823 recession
  • 1825–1826 recession
  • 1828–1829 recession
  • 1833–34 recession
  • Great recession of 2007-2008
  1. Choose one of the major financial crisis and/or major change in economic systems
    1. What are the causes of financial crisis you choose?

The monetary droop started when the U.S. lodging business sector went from blast to bust and many home loan upheld securities and subsidiaries lost huge worth. Despite the fact that the worldwide economy was at that point feeling the grasp of a credit emergency that had been developing following 2007, things reached a crucial stage a year later with the insolvency of Lehman Brothers, the nation’s fourth-biggest speculation bank, in September 2008.

  1. What are the consequences of financial crisis you choose? Please use graphs, pictures to make your presentation and paper more interesting one.

The disease rapidly spread to different economies around the globe, most outstandingly in Europe. The expression “Incredible Recession” applies to both the U.S. retreat authoritatively enduring from December 2007 to June 2009 – and the following worldwide subsidence in 2009.  As an aftereffect of the Great Recession, the United States alone shed more than 7.5 million occupations, bringing on its unemployment rate to twofold. Further, American family units lost generally $16 trillion of total assets as an aftereffect of the stock exchange.

Part 2: The current economic climate and economic indicators:

  1. Find country’s real GDP for the Last ten years. Find OECD countries’ average real GDP for the last ten years. Draw a graph on excel showing the both countries and OECD real GDP. Compare and contrast these two data.
Number of YearsUS Real GDP Growth RateOECD GDP
20053.32.8
20062.73.1
20071.82.7
2008-0.30.3
2009-2.8-3.5
20102.53
20111.61.9
20122.31.3
20132.21.2
20142.41.8



The above table for GDP growth rate of United States and OECD countries provides that the both have similar trend but the US real GDP started from higher initial position and showed a sharp downward trend. On the other hand, OECD GDP started from below the US but sharply recovered in the year 2006. The OECD economies are bit weaker than the United States economy in terms of their real GDP growth rate.

  1. Find country’s real GDP per capita for the Last ten years. Find OECD countries’ average real GDP for the last ten years. Draw a graph on excel showing the both countries and OECD real GDP. Compare and contrast these two data.
Number of YearsUS GDP Per CapitaOECD GDP per Capita
200544,307.9034,399
200646,437.1035,234
200748,061.5035,908
200848,401.4035,724
200947,001.6034,251
201048,374.1035,053
201149,781.4035,520
201251,456.7035758
201352,980.0035990
201454,629.5036453

The above table and diagram provides the GDP per capital of the United States and OECD countries. The United States economy’s per capita GDP is above the GDP of the OECD countries. The United States per capita GDP is above the per capita GDP of the OECD countries, which has little deflations as compared with the graph of US.

  1. Calculate country’s real GDP for the Last ten years. Find OECD countries’ average real GDP for the last ten years. Draw a graph on excel showing the both countries and OECD real GDP. Compare and contrast these two data.
Number of YearsUS Gross domestic product (GDP)US Inflation, GDP deflator OECD Gross domestic product (GDP)OECD Inflation, GDP deflator US Real GDPOECD Real GDP
2005442373.20%304792.60% $    44,237.00 $ 30,479.00
2006463693.10%324922.64% $    44,974.78 $ 31,656.27
2007479872.70%340352.50% $    45,496.99 $ 32,395.00
2008483302.00%348093.68% $    45,542.44 $ 31,232.49
2009469300.80%338590.52% $    45,457.80 $ 33,163.79
2010483021.20%350531.86% $    45,505.36 $ 31,967.36
2011497102.10%363472.88% $    43,882.29 $ 30,653.70
2012513681.80%371362.25% $    45,337.57 $ 31,779.85
2013525921.50%378171.61% $    46,686.50 $ 33,280.93
2014543531.50%388671.72% $    47,536.71 $ 33,336.80

The above table and diagram provides that the real GDP calculations of the United States and OECD countries have huge differences. The United States real GDP suggests that the country economy is flourishing but with having some hurdles and issues. Whereas the overall OECD countries graph and table shows that, the real GDP of these countries started below the US line but showed different deflections.

  1. Find country’s CPI (quarterly) for the Last ten years. Find OECD countries’ CPI (quarterly) for the last ten years.
Number of YearsUS Consumer Price Index (CPI)OECD  Consumer Price Index (CPI)
20053.489.5
20062.591.9
20074.194.2
20080.197.7
20092.798.2
20101.5100
20113102.9
20121.7105.2
20131.5106.9
20140.8108.7

The table and graph provides the picture for the consumer price index of the United States as well as the OECD countries, which had huge differences in it. The difference in the CPI indexes of the two suggests that the singular country CPI is far lower than the collective bunch of countries.  

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