Response to Peer Comment Reasoning with Economics - Essay Example

DQ1 The four points you mentioned are very good choices because they depict important metrics that influence economic activity. The gross domestic product is a good indicator of the overall economy because it measures the total output. “It represents the total dollar value of all goods and services produced over a specific time period” (Investopedia, 2007). The U.S. economy bounced back in 2010 after contracting in 2009. The GPD growth of the U.S. in 2009 and 2010 were -1.73% and 3.82% (Countrywatch, 2012).

The total employment is very important because jobs provide the citizens of a nation economic stability and prosperity. The U.S unemployment rate rose after the recession of 2008. The U.S. unemployment for February 2012 was 8.3% (Bls, 2012). The stock market is important because a lot of people depend on this investment alternative to build up retirement portfolios. Inflation hurts people because it decreases the purchasing power of money. DQ2I agree with you that rationality is a difficult form of information to correct.

When an individual makes up his mind about something it is often difficult to reason with such a person. It is imperative for employees to keep the lines of communication open in order to ensure information that is incorrect is properly identified. When people have limited options they should properly assess the implications of each alternative. Problem solving requires not letting obstacles cloud your judgment. I also agree with your viewpoint about the importance of retrospection. People should always analyze the past in order to learn from their mistakes and make better decisions.

ReferencesBls.gov (2012). Labor Force Statistics from the Current Population Survey. Bureau of Labor Statistics. Retrieved April 4, 2012 from http://data.bls.gov/timeseries/LNS14000000 Countrywatch.com (2012). United States of America. Retrieved April 4, 2012 from http://www.countrywatch.com Investopedia.com (2007). What is GDP and why is it so important? Retrieved April 4, 2012 from http://www.investopedia.com/ask/answers/199.asp#axzz1r722wO7w