...Memo To: Kunsoo Paul Choi, Ph.D. From: Lola Rodriguez Date: 5/22/2012 Re: Measuring Economic Health GDP and Measuring the Business Cycle Gross domestic product (GDP) is defined as one of the main indicators that economists use to measure the economy of a country (Hubbard & O’Brien, 2010). The GDP represents the total dollar value of all services and goods that a country produces over a particular period of time. Although it is used to gauge an economy’s health, it cannot be viewed as the size of the same economy as there are other factors that must be considered. Economists use GDP to compare the previous fiscal period with the current one. As an example, if the GDP for this quarter is up by 2%, then this means that the economy has grown by that percentage over the last quarter. An increase in the GDP signifies economic growth, a decrease means that the country is in a recession. Roles of Government Bodies that Determine National Fiscal Policies There are four sections of government in the United States that are involved in determining national fiscal policies. They are: the Department of Treasury, the Office of Management and Budget, the Office of Government Accountability, and the Office of the President (Hubbard & O’Brien, 2010). The Department of Treasury designs and manages the fiscal policy. This office determines what the budget is, what monies need to be spent, and what the country’s income is. This body of government is also responsible for implementing...
Words: 617 - Pages: 3
...Measuring Economic Health Kim Kardashian ECO/212 August 9, 2011 Edward Vargas Measuring Economic Health The gross domestic product, or GDP, “is the market value of all final goods and services produced in a country during a period of time, typically one year” (Hubbard & O’Brien, 2010, p. 615). Generally, GDP is the measure of market values and not quantities. Moreover, the GDP can be an indicator for the general economic health of a country. Typically, if the GDP rises the country is in good economic health; however, if the GDP declines, the country may be gravitating toward recession, or is in recession. The business cycle consists of the expansion and recession periods. “The business cycle expansion is a period during which total production and total employment are increasing” (Hubbard & O’Brien, 2010, p. 614). On the opposing side of the business cycle is the recession. The business cycle recession is a period when the total production and employment is decreasing. The interrelation of fiscal policies, production, and employment are important to the economy. “A fiscal policy is the changes in the federal taxes and purchases that are intended to achieve macroeconomic policy objectives” (Hubbard & O’Brien, 2010, p. 900). Congress, and the president can attempt to stabilize the economy by using fiscal policy to affect the price level and the level of real GDP. However, in practice it is extremely difficult for Congress and the president to use...
Words: 426 - Pages: 2
...MEASURING ECONOMIC HEALTH Gross domestic policy (GDP) is the measurement of total output in goods and/or services in the U.S. economic statistics. The use of gross domestic policy (GDP) to measure the business cycle is a monetary measure for the economic productions. GDP uses the pricing from the value of a chosen year in the past. This allows for products to be kept at a constant price with being allowed to increase with the calculation value of GDP. The roles of government bodies that determine national fiscal policies are: Department of Treasury, Office of Management and Budget, and Office of the President of the United States. Department of Treasury is to manage, create, and control the fiscal policy; this is the most important aspect of fiscal policy. Office of Management and Budget is to develop the steps and watch over and check the fiscal policy. Office of the President of the United States is the final decision maker for the fiscal policy and meets approval. “Fiscal policy, changes in federal taxes and purchases that are intended to achieve macroeconomic policy objects.” (Glenn Hubbard) The effects of fiscal policies on the economy`s production and employment are the government spending less on economic products than the private products. Every time the government spends on the private consumer and spends end up lower the level of economic productivity. When the government spends on economic products, it causes the demands to increase for employment and production...
Words: 369 - Pages: 2
...Memo |To: |Juan Carlos Ginarte | |From: |Takisha Gause | |Date: |6/7/2010 | |Subject: |Measuring Economic Health | Economic health can be comprehended by knowing the significance of gross domestic products, fiscal policies, the effect of fiscal policies on the economy, and how the modifications in government spending and taxes influence the market assembly of employment. GDP to Measure Business Cycle In economics the term business cycle is used to refer to the cyclical fluctuations in gross domestic product (GDP). GDP is a monetary measure of the economy’s production, valued using the prices from a selected base year (Rummery, 2002). When there is a increase in GDP it expands the business cycle, which allots them a stage of development. When there is a reduction in GDP its business cycle can experience a cycle of recession. A business cycle has four phases; expansion, peak, recession, and trough. Each stage is of an uncertain span of time, varying from weeks to years (Rummery, 2002). However, when looking at historical data, the economy...
Words: 536 - Pages: 3
...It is important for every business to understand and be able to measure the economic health. Gross Domestic Product is used to measure economic health for the business cycle, and fiscal policies help to balance the changes in the economy, to maintained a balanced healthy economy. Fiscal policies, while necessary, can have negative and positive impacts on the economy’s production and employment rates. The information that I provide will be beneficial to understanding how to measure and determine economic health. Gross Domestic Product (GDP) is used to measure the business cycle, and both should be understood in order to determine how they work together. A business cycle is a period of time in the economy in which the economy is undergoing expansion and recession (Hubbard & O’Brien, 2010). When an economy, or when the business cycle is expanding, this means that there is an increase in production, which causes an increase in employment. The opposite can be said for a recession; production and employment will decrease. GDP is the value of goods and services that were produced in an economy, during a specific amount of time (Hubbard & O’Brien, 2010). The GDP is a quarterly report in which the government compiles the data of final goods and services purchased in the economy and calculates what the GDP is. The government is specific on what is accounted for in the GDP. First, only final goods and services are calculated; meaning that if company A and company B both produce two separate...
Words: 700 - Pages: 3
...Measuring Economic Health Memo Eco/212 Febrero 14, 2012 University of Phoenix Measuring Economic Health Memo Una de la mejor manera de entender la economía y un ciclo de negocios es ver el producto interno bruto (GDP). Esta es la estadística más utilizada para medir, evaluar y predecir la economía y los ciclos económicos. Hay tres principales cuotas del cálculo de GDP y es importante tener esto en cuenta y no mezclar los tres. El GDP se define como el valor de todos los bienes y servicios finales producidos en un país durante un año. El GDP real es el valor evaluado en un ano a base y corrige los efectos de la inflación. GDP nominal es mucho mayor que el GDP real a causa de esto, lo que a comparación ano a ano puede ser lo más preciso probable de la oficina de análisis económico (BEA) informa del GDP real en una base trimestral y revisa el próximo trimestre hasta alcanzar las mejores que dispongan los datos. La BEA hace tres distinciones importantes cuando se calcula el GDP. En primer lugar, las importaciones y los ingresos de las empresas y las personas fuera de los estados unidos no están incluidos de manera que los impactos de los tipos de cambios no empana la figura. Segundo, el resultado de la inflación se elimina. Solo los productos finales no se cuentan a los componentes que conforman el producto (AMADEO). La oficina de manejo y presupuesto (OMB) pronostico del GDP y en la actualidad predice que el crecimiento de 2011 a un 4% y entre 2011 y 2015 para tener un...
Words: 518 - Pages: 3
...Comparison Paper Economics is the study of supply and demand and the affect that these interactions have on resource allocation (Getzen, 2007). The basic concepts economics can be connected to the health care industry and used as a means to assess prospects when distributing resources. Health economics is a branch of economics focused on evaluating shortage in health care systems in different economies (Investorworks.com, 2011). Health economics seeks to identify problem areas in a health care system and propose solutions for issues by evaluating all possible causes and solutions. There are many terms that are used that relates both to health care and economics in which results in Health Economics. Health care in the future will focus on both disciplines and will shape how physicians and insurance companies will determine how and what will be provided to the community. In this paper, the terms utility, resources, and risk will be discussed in terms on how they compare and differ in relations to health care and economics. Utility In economics, Utility means the ultimate satisfaction received from consuming a product or service. This could mean that when a person buys an expensive car and drives it on the highway, the person the will feel utility when others look at the person driving the car. Measuring a person’s utility is looking at a person’s drive and determination in reaching the maximum utility for a person. Looking at behaviors is one way of measuring a person’s utility...
Words: 925 - Pages: 4
...investments in health research OECD Blue Sky II Forum, September 25, 2006 Alan Bernstein, Vern Hicks, Peggy Borbey, Terry Campbell Abstract This paper describes the approach taken by the Canadian Institutes of Health Research (CIHR) to develop a framework and indicators to measure the impact of health research. The development process included national and international consultations. Key methodology challenges and measurement requirements were identified. The framework that has resulted from this process includes definitions of key concepts, methodology guidelines, identification of the different stakeholders for impact information and the individual concerns of each stakeholder group. Indicators are classified within five categories that encompass a broad range of impacts. Sources of information and issues in attributing research impacts are discussed. An analysis of issues suggests that impact measurement and performance measurement are complementary activities, with the former focused on broad impacts of the health research sector and the latter on the degree of success achieved by funding agencies in contributing to the process of knowledge development and uptake. Introduction Accountability and value received for the use of public funds have become high priorities for governments around the world. Quantifying the value of publicly funded health research is a challenge for many countries. This paper describes the approach taken by the Canadian Institutes of Health Research (CIHR)...
Words: 5822 - Pages: 24
...According to the American Dental Association (ADA), oral health is associated with diabetes and heart diseases (Ship, 2003). Frequent access to dental care will prevents oral disease, promotes oral health and general wellbeing (Association, 2013; US Department of Health and Human Services, 2000). Unfortunately, a section of the population does not benefit from dental services due to income, distance, race, age and location (Guay, 2004). Compared to other health conditions, oral health receives less attention in health policy discourses, thus making it a potential health concern to a large number of people (Guagliardo, 2004; Institute of Medicine (IOM) and National...
Words: 1087 - Pages: 5
... 1) What is access of care? Access to care is health care services that provide people with the best heath results. Health care equality for coverage, services and being timely for care needed. Obtaining health care has three compnents, first is gaining access, next is places where people can go to obtain the services they need and lastly is finding providers that they can establish a relationship with (Access to Health Services, 2015). Finding a provider that the patient will return to for further appointments is needed for quality care. The extent to which a population gains access also depends on financial, organisational and social or cultural barriers that limit the utilisation of services (Gulliford, et al., 2007). 2) How does service availability affect access of care? Availability for access of care determines what resources are available. This can include how many health care facilities are accessable, hours of operation, and how long it will take to connect you with the specialty you need. Also the technologies may differ due to location. Two of the components defining effective coverage do actually have a geographic dimension: availability and accessibility coverage (Modeling Physical Accessibility to Health Care and Geographic Coverage, 2015). 3) How do affordability, physical accessibility (delivery), and acceptability (quality) of services affect access of care? Accessibility: Health facilities, goods and services have to be accessible...
Words: 778 - Pages: 4
...qwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwer...
Words: 1392 - Pages: 6
...08/10/2014 HEALTH PROMOTION The Effects of Socioeconomic Influences of Health LO1 ICON COLLEGE (LO1) = TASK 1 1 • The notes contained in this PowerPoint presentation will cover LO1 (1.1;1.2;1.3) • Please print notes prior to attending lectures ICON COLLEGE (LO1) = TASK 1 2 1 08/10/2014 Learning Outcomes (LO) On successful completion of this lecture a learner will: LO1: Understand the socio-economic influences on health 1.1 explain the effects of socio-economic influences on health. 1.2 assess the relevance of government sources in reporting on inequalities in health. 1.3 discuss reasons for barriers to accessing healthcare. ICON COLLEGE (LO1) = TASK 1 3 Unit Content (LO1) Influences: social e.g. disposable income, unemployment, lifestyle choices, environment, access to healthcare facilities, access to information, citizenship status, discrimination. Sources of information: reports and enquiries e.g. Black Report DHSS 1980, Acheson Report ‘Independent Inquiry in ‘Inequalities in Health’ 1998, Health and Lifestyle Surveys (HALS), Health Survey for England (HSFE), census data ICON COLLEGE (LO1) = TASK 1 4 2 08/10/2014 Definitions (Class participation Review) • What is health promotion? • What is public health? • What do we mean by determinant of health? • What do we mean by environmental factors? ICON COLLEGE (LO1) = TASK 1 5 The main determinants of health Dahlgren and Whitehead's model, 1992 Figure 1: adapted from...
Words: 5645 - Pages: 23
...soaring in the United States today. More people than ever before are uninsured or underinsured. In 2006-07, there were 46 million people uninsured (Gulley, Rasch, & Chan, 2011), and 9 million children also did not have health insurance (Coddington & Sands, 2008). A change in how healthcare is managed and financed is greatly needed to avoid worsening of this situation. Background The cost of healthcare and the number of uninsured individuals has become a critical issue today. Healthcare spending in the U. S. has grown faster than the economy, by about two to three percent per year since the end of World War II (Brown, 2009, p. 1). If nothing changes, Medicare will cost as much as the sum of all federal income taxes in about 75 years (Brown, 2009, p. 2). Healthcare premiums have become so unaffordable, that many families do without. The lack of insurance has a direct effect on poor health outcomes, increasing morbidity and mortality, which also contributes to increased healthcare costs (Coddington & Sands, 2008, p. 1). The Patient Protection and Affordable Care Act (PPACA), also known as Obamacare, was signed into law on March 23, 2010, and the Supreme Court made a final decision to uphold the law on June 28, 2012 (U. S. Department of Health and Human Services). The PPACA is an attempt at healthcare reform by expanding public coverage programs and strengthening protection for consumers in public and private insurance plans (American Nurses Association, 2010)...
Words: 1341 - Pages: 6
...Youssef Haddad Professor Black English 1101 9 Nov 2013 Equality Vs. Equity: People and The Law Throughout the history of mankind and specially in modern times, many struggles emerged from people’s suppressed anger and hatred of the feudalism and the ruling monopolistic powers, and in their effort to create a system most suitable to their wants and desires and what they take as “values” and “rights” they stumbled on what is to this very day one of the most important and complicated dilemmas of human philosophy: how do we choose between equality and equity? What is the better choice? Do we prefer similarity or justice? And many questions as such, and as other ideas and ideologies go, it remains a major dispute among masses and masses of workers, farmers, countrymen as well as land owners, businessmen and politicians alike, and in many ways it is quite normal, the essence of both those ideas appear the same and are often put in the same category, but in reality they very far from each other on many levels and points of view and they represent systems that do show resemblance but are almost entirely different in functionality and order. Nancy Kranich; Based upon Jorge Schement, "Imagining Fairness: Equality and Equity of Access in Search of Democracy," in Nancy Kranich, Libraries and Democracy, Chicago, IL: American Library Association, 2001: 15-27. Nancy Kranich’s education is as follows: MA, Library Science, University of Wisconsin— ...
Words: 1001 - Pages: 5
...Health Care Industry Lauretta Montgomery HCS/449 July 31, 2013 Kelli Haynes Health Care In today’s health care, change is persistent, pervasive, and constant. Clear and critical understanding of change theory and the stages of change is vital for leaders to have an effective plan to manage the changes occurring in the world of health care. Leaders must utilize change agent skills to initiate commitment to move forward with positive change. Leaders must also have an understanding that resistance is a normal outcome of any change set forth. The important skill a leader must possess is to effectively manage energy from the resistance and use it as a stimulant to create the change required (Sullivan & Decker, 2005). This philosophy will come in handy as this country braces to undergo critical changes set into action by the Obama Care Health Care Reform bill that is currently shaping and set to take place as we move closer to its implementation in 2014. This reform is proof of the looming affects that factors such as health care policy can have over health care delivery and that change is the only constant in health care. The objective of this essay is to address: how health care has changed in the last 10 years, my opinion of what I think will be the biggest change in health care in the next 10 years, the role I plan to have in the health care industry, how my perception of health care has changed over the course of this program, and to address what financial and...
Words: 1303 - Pages: 6
