Monday, July 20, 2009
July 20
Today we were at CSC for the day. We went through our powerpoint in Kelli's rooom. It took a total of about 18 minutes all together. We had to make a few minor changes to the powerpoint to get everything running smoothly but overall its a good presentation. We have mastered the clicking! =]
Monday Morning Get-Together
Today we met at CSC and went over the PowerPoint as a whole show. We went over it for comments and we received a rubric over what a presentation should look like. It outlines organization, subject knowledge, media, mechanics, elocution. We are striving for a 7-8 in all categories which is the best you can score. We have decided that we will stand with 2 on either side of the screen and click for each other so we do not have to toss the clicker across the aisle. While sitting in the lounge we went over the clicking sequence and I will be clicking Justin's slides.
Friday, July 17, 2009
July 17th
Today we discussed the powerpoint more. I wanted to add another slide in my part that has the different types of unemployment. We also added the quotes to the divider pages. We are going to meet monday morning at 9 am at csc to go over the powerpoint more.
We have been discussing the presentation. A few changes were made to the PowerPoint. I feel we should have one more expert opinion in the presentation. I feel we should have more than one point of view on how to end the recession. The one expert opinion we have only involves banking and how banks can get us out. I feel we should have something about how to fix the unemployment and how inflation can be controlled and reduced in the countries with inflation. We are going to practice our presentation Monday at CSC.
Friday Discussion
We changed some more things today. Kendra added a slide for types of unemployment. I added the words of the quotes onto new slides to act as a cue. We also talked about public speeking and we are meeting Monday morning at 9 A.M. to go over this presentation.
presentation
today yet again we discussed the presentation. we debated whether or not to add more expert opinions and eventually decided that it would be unnecessary. we then made one more run through the powerpoint to find any parts that would need to be changed due to errors or to flow better with the oral part of the presentation. and we decided to meet at sandburg monday morning for one last practice before the actual presentation monday
Thursday, July 16, 2009
July 16th
Today we decided to put quotes into the presentation. We finally decided on what quotes to use and we are putting them on the divider pages in the PowerPoint.
Unemployment Quote - Justin will say.
"We believe that if men have the talent to invent new machines that put men out of work, they have the talent to put those men back to work."
-JFK
Solution Quote - I will say.
"It isn't that they can't see the solution, it's that they can't see the problem."
-G.K. Chesterson
Production Quote - Kristine will say.
"Consumption is the sole end and purpose of all production."
-Adam Smith
Inflation Quote - Sawyer will say.
"Inflation is when you pay fifteen dollars for the ten dollar hair cut you used to get for five dollars when you had hair."
-Sam Ewing
and we also have a pretty sweet video at the end of our presentation.
http://www.youtube.com/watch?v=5o9nmUB2qls&feature=related
and now all we have to worry about is presenting it. :)
Unemployment Quote - Justin will say.
"We believe that if men have the talent to invent new machines that put men out of work, they have the talent to put those men back to work."
-JFK
Solution Quote - I will say.
"It isn't that they can't see the solution, it's that they can't see the problem."
-G.K. Chesterson
Production Quote - Kristine will say.
"Consumption is the sole end and purpose of all production."
-Adam Smith
Inflation Quote - Sawyer will say.
"Inflation is when you pay fifteen dollars for the ten dollar hair cut you used to get for five dollars when you had hair."
-Sam Ewing
and we also have a pretty sweet video at the end of our presentation.
http://www.youtube.com/watch?v=5o9nmUB2qls&feature=related
and now all we have to worry about is presenting it. :)
July 16th Progress
Today we chose 4 quotes to be said by other members of the group on the divider pages on our PowerPoint Presentation. I think this will be effective as we have some pretty good quotes that we have uncovered. I will be saying the quote that will be said during the inflation slide. We will not be putting the quotes directly on the slide, they will just be said. Tomorrow we will be deleting things off of the slide to make it more outliney.
Wednesday, July 15, 2009
July 15th
Today we talked about how to improve our PowerPoint to make it more fun and interesting. We came up with an idea to insert quotes from people. Here are a couple I found that might work somewhere.
"Governments view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidise it."
-Ronald Reagan
http://thinkexist.com/quotes/with/keyword/economy/
"The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy."
-Milton Friedman
http://thinkexist.com/quotes/with/keyword/economy/
"Inflation is as violent as a mugger, as frightening as an armed robber, and as deadly as a hit man"
-Ronald Reagan
http://www.myfamousquotes.com/?tid=268
"I don't mind going back to Daylight Saving Time. With inflation, the hour will be the only thing I've saved all year."
-Victor Borge
http://www.quotedaddy.com/tag/Inflation/2
"If all the time consumed in attending dinners and luncheons was consumed in some work, the production of this country would be doubled."
-Will Roger
http://thinkexist.com/quotes/with/keyword/production/
"The production of too many useful things results in too many useless people."
-Karl Marx
http://thinkexist.com/quotes/with/keyword/production/
"Inflation is when you pay fifteen dollars for the ten dollar hair cut you used to get for five dollars when you had hair."
-Sam Ewing
http://thinkexist.com/quotes/with/keyword/inflation/
That's all. =]
"Governments view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidise it."
-Ronald Reagan
http://thinkexist.com/quotes/with/keyword/economy/
"The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy."
-Milton Friedman
http://thinkexist.com/quotes/with/keyword/economy/
"Inflation is as violent as a mugger, as frightening as an armed robber, and as deadly as a hit man"
-Ronald Reagan
http://www.myfamousquotes.com/?tid=268
"I don't mind going back to Daylight Saving Time. With inflation, the hour will be the only thing I've saved all year."
-Victor Borge
http://www.quotedaddy.com/tag/Inflation/2
"If all the time consumed in attending dinners and luncheons was consumed in some work, the production of this country would be doubled."
-Will Roger
http://thinkexist.com/quotes/with/keyword/production/
"The production of too many useful things results in too many useless people."
-Karl Marx
http://thinkexist.com/quotes/with/keyword/production/
"Inflation is when you pay fifteen dollars for the ten dollar hair cut you used to get for five dollars when you had hair."
-Sam Ewing
http://thinkexist.com/quotes/with/keyword/inflation/
That's all. =]
Famous Quotes or Just Quotes for PowerPoint
Here is a list of quotes that could be incorporated into our PowerPoint:
1. By Warren Buffett-"In the business world, the rear view mirror is always clearer than the windshield."
2. By Kim Hubbard-"It is pretty hard to tell what does bring happiness, poverty and wealth have both failed"
3. By Ogden Nash-"People who work sitting down get paid more than those who work standing up"
4. By Chester Bowles "There can be no real individual freedom in the presence of economic insecurity"
5. By Richard Feynman "There are 100,000,000,000 stars in the galaxy. That used to be a huge number. But it's only a hundred billion. It's less then the national deficit! We used to call them astrological numbers. Now we should call them economical numbers"
I think these might be able to be incorporated somewhere into the presentation. The website I got them from is http://www.quotationspage.com/subjects/
1. By Warren Buffett-"In the business world, the rear view mirror is always clearer than the windshield."
2. By Kim Hubbard-"It is pretty hard to tell what does bring happiness, poverty and wealth have both failed"
3. By Ogden Nash-"People who work sitting down get paid more than those who work standing up"
4. By Chester Bowles "There can be no real individual freedom in the presence of economic insecurity"
5. By Richard Feynman "There are 100,000,000,000 stars in the galaxy. That used to be a huge number. But it's only a hundred billion. It's less then the national deficit! We used to call them astrological numbers. Now we should call them economical numbers"
I think these might be able to be incorporated somewhere into the presentation. The website I got them from is http://www.quotationspage.com/subjects/
presentation
today we talked about our practice presentation we did yesterday in front of kelli's class and discussed how we could improve upon it. we considered the possibilities of adding quotes and adding a video or two in order to make the whole presentation more lively. we also discussed what we did wrong in yesterday's presentation and how we could fix it
Tuesday, July 14, 2009
Preliminary Presentation at CSC
Today we all met at CSC and after some technical difficulties we were able to run through our presentation with ourselves and then once with Lori. She gave us some feedback and then we presented it to Kelli's class. They were instructed to write down some of their ideas on a sheet a paper so we could look at them later. After the presentation we went back to the board room and found a little movie to attach to the end of the PowerPoint. I do not know if it is a 100% definite ending that will be used but I think that it is a very good movie that makes you think.
Monday, July 13, 2009
July 13th
Today we reviewed the powerpoint again. We made some changes to it as always. By the end of the day, we had it ready to be presented. Tomorrow we will present the whole presentation to Lori in the morning at 10:30 and then to Kelli's class at 10:45. Hope it goes well.
presentation
today we went through the powerpoint again to find more little things that could be improved on. we decided when we meet tomorrow we will do a practice presentation in front of Lori to get some feedback and then we will go in front of kelli's class after for another practice presentation
Revisions
Today we went over the PowerPoint slide by slide. The group made input and I made the changes. We are still struggling with a good ending. Tomorrow when we present we will be receiving feedback so maybe someone will be able to help. Tonight I made note cards to be used for the presentation tomorrow. I have then for slides 2-5 and 20-23.
Friday, July 10, 2009
July 10th PowerPoint
Today we revised the PowerPoint with the group slide by slide. We did not get all the way through the show; therefore, the group needs to post their ideas or send them to me in an email. I will make the changes by Sunday night and will get it emailed to the entire group so we can look at it Monday morning. We also discussed today that we do not have to put everything on a slide that we want to say. We will have stuff that we say that will be in addition to the slide. We will have to figure out what we want to say during the slides. I suggest that on Tuesday at CSC we print off the slides with the format that gives you lines next to each slide so we can map out exactly what we want to say when and where. I think this will be useful. That is all I have for now, if I come across any problems with the PowerPoint I will either Blog or email.
July 10th
Today we just reviewed the powerpoint even more. We are getting closer to being done even though there is still more that needs revised.
Changes I think need to be made to our PowerPoint:
Slide 11
Slide 11
- Needs bullets instead of arrows
- Title change to "Zimbabwe's Industries"
Slide 12
- Overloaded - take out some facts for person to say
- Change title to Argentina's Industries
Slide 13
- Title change to Romania's Industries
Slide 14
- Title change to United State's Industries
- Don't overlap words - remove some industries and products so the person has more to say and the fact about the US being the world's largest importer can go at the bottom or be removed
Slide 18
- Hyperinflation is off the slide - reduce amount of space between lines
Slide 19
- Move picture over so words aren't on top - kind of difficult to read
Slide 20
- Use a dash (-) in the title instead of equals (=)
I feel the titles in slides 11 though 14 should be consistent. I think a plain and simple title would be best since it is a PowerPoint and not a typed paper for school where you need complete sentences. The other changes I suggested I feel will make the PowerPoint look cleaner and more professional.
Thursday, July 9, 2009
We have been working on revising our PowerPoint. We discussed how to fix problems such as hard to read slides and awkward transitions. We selected pictures to include in some of the slides. We are working on trying to create a better thesis statement. We selected who will hand out shirts, who will talk about our research and field trips, etc. We will continue to revise the PowerPoint and try to create a better thesis statement along with trying to come up with ways to create an entertaining and insightful presentation showing the board what we learned.
Power Point Reminders!
As you all will be happy to know...as of right now the PowerPoint is finished but with 2 exceptions:
1) We need to make our thesis different or we need to take that slide out all together. If we changed it, we would have to make it provable because right now it is a statement of what we have done. If we take it out Kendra can use it in her speech about who what when where why and how. Let me know...
2) It has been suggested that we should have a question at the end to make a definitive ending. In the PowerPoint sent in your emails the slide is on there with some that I thought up really quick. I am open for suggestions! If you do not like the idea of a question...whether rhetorical or not...we need to have a final sounding slide
I believe those two are the main issues at hand right now and after we get them resolved the PowerPoint should but a millimeter from the finish line. I hope to get the answers to these questions and what I should do tomorrow morning on Skype.
Kendra will also be sending me her slides to help her go through her 6 W's speech! I will add them to the very beginning of this show so it will all flow into one another.
I am glad to be done with the main parts of the slide show...and now I hate technology!
1) We need to make our thesis different or we need to take that slide out all together. If we changed it, we would have to make it provable because right now it is a statement of what we have done. If we take it out Kendra can use it in her speech about who what when where why and how. Let me know...
2) It has been suggested that we should have a question at the end to make a definitive ending. In the PowerPoint sent in your emails the slide is on there with some that I thought up really quick. I am open for suggestions! If you do not like the idea of a question...whether rhetorical or not...we need to have a final sounding slide
I believe those two are the main issues at hand right now and after we get them resolved the PowerPoint should but a millimeter from the finish line. I hope to get the answers to these questions and what I should do tomorrow morning on Skype.
Kendra will also be sending me her slides to help her go through her 6 W's speech! I will add them to the very beginning of this show so it will all flow into one another.
I am glad to be done with the main parts of the slide show...and now I hate technology!
presentation
today we talked more about the presentation and the powerpoint. sawyer took suggestions to make it better and we took other responsibilites for the presentation such as handing out shirts to the board members and explaining the blog.
July 9, 2009
Today we discussed more of our powerpoint. We tried to all be able to see changes being made on webex but that didn't work out so well. We pretty much have our presentation down. We all do the actual presentation of course. To start it out, I will begin it talking about the internship, explaining everything. Kristine will explain about the blog and Justin will hand out the shirts, in what ever way he decides to. =] Sawyer of course doesn't get anything extra special because she is the madwoman behind putting the presentation slideshow together. We talked about changes that need to made to the presentation and also what needs to be added. We decided to add pictures to liven it up a wee bit.
Today I also began to work on my little speil about the internship. The who, what, when, where, why and how! It's more difficult then I thought because I only have about 5 minutes.
Thats all folks!
(Porkie the Pig) =]
Today I also began to work on my little speil about the internship. The who, what, when, where, why and how! It's more difficult then I thought because I only have about 5 minutes.
Thats all folks!
(Porkie the Pig) =]
powerpoint
for the powerpoints we all made our separate slides for our respective topics, (sawyer did background, kristine did inflation, kendra did unemployment and i did production.) then we sent them to sawyer who will be putting all the slides together for our final slide show. we will edit and make them better over the next week
Wednesday, July 8, 2009
We have decided that we are going to make a PowerPoint for our final presentation. Today we discussed which background we thought would be best and selected the background we will use. We discussed how we wanted the lettering to be in the slides and which colors should be used. We each created at least one slide about our given topic and compiled them into one slide show. We will be working on our final presentation - working out the order, who will do what, etc. We will use information from our countries in the presentation.
July 8, 2009
Today we started to put together our slide show presentation.
Sawyers slides were first with the overview of a recession. In her slides, she included
-our thesis statement
-what a recession is
-similarities in a recession
-what a recession looks like
Next we will cover Unemployment, Production, and then Inflation.
I did Unemployment. I gave background information on what unemployment is and how is it equated. I also stated each countries unemployment rate. I also added a graph in there to show the ups and downs of unemployment, which Justin posted in an earlier blog.
Justin's slides were about production. To sum up his slides, he just named the products that each country produce.
Kristine's slide was about inflation. She explained what inflation is and how it happens. She also named the different types of inflation. To wrap it up, she named the inflation rate of our countries.
Sawyer is doing the ending slides. It includes
Sawyers slides were first with the overview of a recession. In her slides, she included
-our thesis statement
-what a recession is
-similarities in a recession
-what a recession looks like
Next we will cover Unemployment, Production, and then Inflation.
I did Unemployment. I gave background information on what unemployment is and how is it equated. I also stated each countries unemployment rate. I also added a graph in there to show the ups and downs of unemployment, which Justin posted in an earlier blog.
Justin's slides were about production. To sum up his slides, he just named the products that each country produce.
Kristine's slide was about inflation. She explained what inflation is and how it happens. She also named the different types of inflation. To wrap it up, she named the inflation rate of our countries.
Sawyer is doing the ending slides. It includes
-an overview of what we need according to Jamie Dimon
-and what we, as consumers, need to do
That so far is our slideshow. For when we have our presentation, we need one person to talk to the board members and tell them about the internship over these four weeks. I volunteered myself to do that. We also need a person to hand out shirts to the board members, and someone to explain our blog.
And that's all for now. =]
Power Point Design
Today we decided that I would compile slides sent to me by the rest of the groups. After some compatibility issues we came out ok. Adter reveiw and putting together the slides I have a few observations/suggestions to think about tomorrow morning:
-I Added divider pages for unemployment, production, and inflation so it would flow from my last slide
-Changed Justin’s slides to red so they matched his blog (let me know if you want it changed back!)
-Kristine's slide is jammed packed with good information so i think we should break her slide into 3 slides
-Kendra’s 1st slide you cannot read on the bottom very well maybe make it a tad lighter or darker green to show up or just make a new slide?
-I used navy blue for my slides because I did not think that the aqua that I use for my blogs would show up
-I left the first title slide all white text as well as the thesis slide because they technically belong to no one
-Justin could maybe combine Romania and Zimbabwe so there is not so much open space.
**Let me know your guy's suggestions so I can make changes
-I Added divider pages for unemployment, production, and inflation so it would flow from my last slide
-Changed Justin’s slides to red so they matched his blog (let me know if you want it changed back!)
-Kristine's slide is jammed packed with good information so i think we should break her slide into 3 slides
-Kendra’s 1st slide you cannot read on the bottom very well maybe make it a tad lighter or darker green to show up or just make a new slide?
-I used navy blue for my slides because I did not think that the aqua that I use for my blogs would show up
-I left the first title slide all white text as well as the thesis slide because they technically belong to no one
-Justin could maybe combine Romania and Zimbabwe so there is not so much open space.
**Let me know your guy's suggestions so I can make changes
Tuesday, July 7, 2009
production
the u.s. produces wheat, corn, other grains, fruits, vegetables, cotton, beef, poultry, dairy products, fish and forest products and has industries in petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, and mining. it is also the worlds largest importer of goods.
argentina-• Grains (wheat, maize, sorghum and minor cereals): 41.9 million tons
• Oilseeds (soybean, sunflower and minor oilseeds): 51.5 million tons
• Pip fruits (pear and apple): 1.93 million tons
• Citrus (grapefruit, orange, lemon and tangerines): 3.09 million tons
• Honey: 115,000 tons
• Wines: 15.4 million hectoliters. Musts: 6.3 million hectoliters
• Beef: 3.1 million tons
• Pork: 198,050 tons
• Poultry: 1.15 million tons
• Milk: 9,611 million liters
• Wool: 76,500 tons
romania-Major Exports from Romania include footwear, textiles, metals, chemicals, machinery and agricultural goods.
cites- production hub, https://www.cia.gov/library/publications/the-world-factbook/geos/US.html, http://www.inta.gov.ar/ins/en/prodexports.htm
argentina-• Grains (wheat, maize, sorghum and minor cereals): 41.9 million tons
• Oilseeds (soybean, sunflower and minor oilseeds): 51.5 million tons
• Pip fruits (pear and apple): 1.93 million tons
• Citrus (grapefruit, orange, lemon and tangerines): 3.09 million tons
• Honey: 115,000 tons
• Wines: 15.4 million hectoliters. Musts: 6.3 million hectoliters
• Beef: 3.1 million tons
• Pork: 198,050 tons
• Poultry: 1.15 million tons
• Milk: 9,611 million liters
• Wool: 76,500 tons
romania-Major Exports from Romania include footwear, textiles, metals, chemicals, machinery and agricultural goods.
cites- production hub, https://www.cia.gov/library/publications/the-world-factbook/geos/US.html, http://www.inta.gov.ar/ins/en/prodexports.htm
July 7, 2009 CSC
Here is my outline that is what i came up with so far.
- Unemployed workers are those who are currently not working but are willing and able to work for pay, currently available to work, and have actively searched for work
- Labor force is the total number of people employed or seeking employment in an area
-It is surveyed every month
Production -Justin
Inflation-Kristine
Ways to get out of a Recession
Thesis: In studying Economics, we have found common bonds between four countries and we are looking for a plan that may help countries around the world to end or avoid a recession.
Overview of Recession
Unemployment Rate-Kendra
-Unemployment occurs when a person is able to work and is searching for work but is currently not working.
-Romania-May 2009- 5.8%
-U.S. - May 2009- 9.4%
-Zimbabwe- January 2009- 94%
-12 million people in the country but only 480,000 people have jobs
-Argentina- April 2009- 8.4%
Overview of Recession
Unemployment Rate-Kendra
-Unemployment occurs when a person is able to work and is searching for work but is currently not working.
-Romania-May 2009- 5.8%
-U.S. - May 2009- 9.4%
-Zimbabwe- January 2009- 94%
-12 million people in the country but only 480,000 people have jobs
-Argentina- April 2009- 8.4%
- Unemployed workers are those who are currently not working but are willing and able to work for pay, currently available to work, and have actively searched for work
- Labor force is the total number of people employed or seeking employment in an area
-It is surveyed every month
Production -Justin
Inflation-Kristine
Ways to get out of a Recession
July 7 Presentation Outline Changes
Thesis: In studying Economics, we have found common bonds between four countries and have looked for a plan to help countries around the world the end a recession.
Overview of a Recession (Sawyer)
I will talk about what a recession is and what a business cycle. I will say last:
There are some similarities to recessions:
1. decline in employment
2. decline in production
3. rise in inflation
Each person will take on of the following topics and explain the differences in each country:
Kendra will do the unemployment rate
Justin will do production including GDP
Kristine will do inflation
At the end I will talk about ways to get out of a recession. I will use Jamie Dimon's shareholder speech/outline for ideas on this because he lists 8 ways/suggestions to to help get out of the recession.
We will all make posters with a consistent pattern like the top font will be the same.
I plan on putting a general graph of a recession with the rise and fall creating a U shape.
This is an example:
Works cited: This is Not your Father's Recession...or Is It? Article ( For my part of the presentation)
Overview of a Recession (Sawyer)
I will talk about what a recession is and what a business cycle. I will say last:
There are some similarities to recessions:
1. decline in employment
2. decline in production
3. rise in inflation
Each person will take on of the following topics and explain the differences in each country:
Kendra will do the unemployment rate
Justin will do production including GDP
Kristine will do inflation
At the end I will talk about ways to get out of a recession. I will use Jamie Dimon's shareholder speech/outline for ideas on this because he lists 8 ways/suggestions to to help get out of the recession.
We will all make posters with a consistent pattern like the top font will be the same.
I plan on putting a general graph of a recession with the rise and fall creating a U shape.
This is an example:
Works cited: This is Not your Father's Recession...or Is It? Article ( For my part of the presentation)
Monday, July 6, 2009
Unemployment
Unemployment is the state of an individual looking for a paying job but not having one. Unemployment does not include children, the retired, full-time students, and people not actively looking for a job. Frictional unemployment is unemployment that comes from people moving between jobs, careers, and locations. Cyclical unemployment occurs when the unemployment rate moves in the opposite direction of the GDP growth rate. This means that when the GDP growth rate is low or negative unemployment is high. Structural unemployment is an unemployment that comes from there being an absence of demand for the workers that are available. The natural unemployment rate is the healthy unemployment rate that will always occur in an economy, unless it is overheated. Unemployment results from frictional unemployment that results from job turn over, structural unemployment that is caused by a mis-match between job skills and job availablitiy, and unemployment caused by minimum wage laws and labor unions.
According to Okun's Law, there is an empirical relationship between unemployment and percentage growth of real out put, as measured by GNP. Arthur Okun estimated the relationship between unemployment and percentage growth out put was:
Unemployment is the state of an individual looking for a paying job but not having one. Unemployment does not include children, the retired, full-time students, and people not actively looking for a job. Frictional unemployment is unemployment that comes from people moving between jobs, careers, and locations. Cyclical unemployment occurs when the unemployment rate moves in the opposite direction of the GDP growth rate. This means that when the GDP growth rate is low or negative unemployment is high. Structural unemployment is an unemployment that comes from there being an absence of demand for the workers that are available. The natural unemployment rate is the healthy unemployment rate that will always occur in an economy, unless it is overheated. Unemployment results from frictional unemployment that results from job turn over, structural unemployment that is caused by a mis-match between job skills and job availablitiy, and unemployment caused by minimum wage laws and labor unions.
According to Okun's Law, there is an empirical relationship between unemployment and percentage growth of real out put, as measured by GNP. Arthur Okun estimated the relationship between unemployment and percentage growth out put was:
- Yt = - 0.4 (Xt - 2.5 )
This can also be expressed as a more traditional linear regression as:
Yt = 1 - 0.4 Xt Yt is the change inthe unemployment rate in percentage points. Xt is the percentage growth rate in real output, as measured by real GNP.
Labor force participation rate is the percentage of working-age persons in an economy who are employed or unemployed and looking for a job. Persons between ages 16 and 64 are typically considered of working-age. People between 16 and 64 who are students, retired, and homemakers are not counted. The labor force in the U.S. is around 67-68 percent.
Unemployment
Unemployment
Today’s conversation was about unemployment. Unemployment occurs when a person is able to work and is searching for work but is currently not working.
Unemployment is best equated by
Today’s conversation was about unemployment. Unemployment occurs when a person is able to work and is searching for work but is currently not working.
Unemployment is best equated by
- unemployed workers are those who are currently not working but are willing and able to work for pay, currently available to work, and have actively searched for work
-labor force is the total number of people employed or seeking employment in an area
-it is surveyed every month
There are 6 types of unemployment.
1) Frictional Unemployment
- occurs when a worker moves from one job to another.
2) Classical Unemployment
- also known as real-wage unemployment
- occurs when real wages for a job are set above the market-clearing level
3) Cyclical or Keynesian Unemployment
- also known as demand deficient unemployment
- occurs when there is not enough aggregated demand in the economy
-caused by business recycle recession, and wages not falling to meet the equilibrium level
4) Structural Unemployment
- caused by a mismatch between jobs offered by employers and potential workers
- may be affected by geographical location, skills, and other factors
5) Seasonal Unemployment
- occurs when an occupation is not in demand at certain seasons
6) Long-term Unemployment
- an unemployment lasting longer than one year
Okun’s Law
-Okun's law states that for every 3% GDP falls relative to potential GDP, unemployment rises 1% (of the total workforce).
-When the economy operates at productive capacity, it will experience the natural rate of unemployment.
Works Cited
July 6th Unemployment Discussion
Unemployment:
People that are out of work because they got laid off, quit, or had a labor dispute
Labor Force:
The total number of people employed or seeking employment in a region
Unemployment Rate:
Number of people looking for work divided by the number of people actually employed
**Surveyed every month**
Definition of an Unemployed Person:
A person who does not have a job, actively looked for work in the prior 4 weeks and are currently available to work
2008 Statistic:
145 million people employed
9 million people unemployed
-------
154 million in the work force
Natural Rate of Unemployment:
5%
Social Problems Created by Unemployment
1. Poverty resulting in lack of spending power
2. Increased suicide rate
3. Domestic violence
4. Family break-ups
5. Increased crime
6. Homelessness
7. Young people with not enough work experience
8. Social disillusionment
9. Mental illnesses
10. Lower caring about family
Works cited: http://www.solhaam.org/lists/theme19.html
People that are out of work because they got laid off, quit, or had a labor dispute
Labor Force:
The total number of people employed or seeking employment in a region
Unemployment Rate:
Number of people looking for work divided by the number of people actually employed
**Surveyed every month**
Definition of an Unemployed Person:
A person who does not have a job, actively looked for work in the prior 4 weeks and are currently available to work
2008 Statistic:
145 million people employed
9 million people unemployed
-------
154 million in the work force
Natural Rate of Unemployment:
5%
Social Problems Created by Unemployment
1. Poverty resulting in lack of spending power
2. Increased suicide rate
3. Domestic violence
4. Family break-ups
5. Increased crime
6. Homelessness
7. Young people with not enough work experience
8. Social disillusionment
9. Mental illnesses
10. Lower caring about family
Works cited: http://www.solhaam.org/lists/theme19.html
unemployment
Unemployment occurs when a person is available to work and seeking work but currently without work. The prevalence of unemployment is usually measured using the unemployment rate, which is defined as the percentage of those in the labor force who are unemployed
types of unemployment
-Long-term unemployment
-Seasonal unemployment
-Structural unemployment
-Classical unemployment
-Frictional unemployment
In the U.S. the unemployment insurance allowance one receives is based solely on previous income and usually compensates for one-third of one's previous income. To qualify, one must reside in their respective state for at least a year and, of course, work. The system was established by the Social Security Act of 1935. While 90% of citizens are covered on paper, only 40% could actually receive benefits.In cases of highly seasonal industries the system provides income to workers during the off seasons, thus encouraging them to stay attached to the industry.
http://en.wikipedia.org/wiki/Unemployment
Thursday, July 2, 2009
July 2, 2009
Today our conversation started out with Inflation. What is Inflation? It is
-a rise in the general level of prices of goods and services in an economy in a certain time limit
-a decline in the real value of money
-a loss of purchasing power
-the U.S. is on the Fiat System instead of the Gold Standard
-on March 3 of this year, the U.S. debt was at 10.9 trillion dollars
-During fiscal year 2008, the Bureau of Engraving and Printing produced approximately 38 million notes a day with a face value of approximately $629 million.
- Every year the U.S. Treasury handles approximately 30,000 claims and redeems mutilated currency valued at over $30 million.
-we print more money then we take out of circulation
-pennies are pointless
-we should just round everything to 0 or 5.
-and they are more expensive to make then what they are actually worth
We owe other countries 3072.2 billion dollars
- 739.6 billion dollars to China
- 634.8 billion dollars to Japan
-186.3 billion dollars to oil exporters
- 176.6 billion dollars to Caribbean Banking Centers
-and that’s only the top four
And I found fun facts about money.
-the lifespan of a dollar bill is 21 months
-the lifespan of a 5 is 16 months
-the lifespan of a 10 is 18 months
-the lifespan of a 20 is 24 months
-the lifespan of a 50 is 55 months
-the lifespan of a 100 is 89 months
- The estimated weight of a currency note, regardless of denomination is one gram.
- If you had 10 billion $1 notes and spent one every second of every day, it would require 317 years for you to go broke.
-A stack of currency one mile high would contain over 14½ million notes.
-Currency paper is composed of 25% linen and 75% cotton.
- The beginning of an establishment for the engraving and printing of U.S. currency can be traced as far back as August 29, 1862, to a single room in the basement of the Main Treasury Building where two men and four women separated and sealed by hand $1 and $2 U.S. notes which had been printed by private bank note companies. Today there are approximately 2,800 employees who work out of two buildings in Washington, D.C. and a facility in Fort Worth, Texas.
-During Fiscal Year 2008 the BEP delivered 7.7 billion notes at an average cost of 6.4 cents per note.
You can read more fun facts or find out more on how money is made at
http://www.moneyfactory.gov/document.cfm/18/106
Today our conversation started out with Inflation. What is Inflation? It is
-a rise in the general level of prices of goods and services in an economy in a certain time limit
-a decline in the real value of money
-a loss of purchasing power
-the U.S. is on the Fiat System instead of the Gold Standard
-on March 3 of this year, the U.S. debt was at 10.9 trillion dollars
-During fiscal year 2008, the Bureau of Engraving and Printing produced approximately 38 million notes a day with a face value of approximately $629 million.
- Every year the U.S. Treasury handles approximately 30,000 claims and redeems mutilated currency valued at over $30 million.
-we print more money then we take out of circulation
-pennies are pointless
-we should just round everything to 0 or 5.
-and they are more expensive to make then what they are actually worth
We owe other countries 3072.2 billion dollars
- 739.6 billion dollars to China
- 634.8 billion dollars to Japan
-186.3 billion dollars to oil exporters
- 176.6 billion dollars to Caribbean Banking Centers
-and that’s only the top four
And I found fun facts about money.
-the lifespan of a dollar bill is 21 months
-the lifespan of a 5 is 16 months
-the lifespan of a 10 is 18 months
-the lifespan of a 20 is 24 months
-the lifespan of a 50 is 55 months
-the lifespan of a 100 is 89 months
- The estimated weight of a currency note, regardless of denomination is one gram.
- If you had 10 billion $1 notes and spent one every second of every day, it would require 317 years for you to go broke.
-A stack of currency one mile high would contain over 14½ million notes.
-Currency paper is composed of 25% linen and 75% cotton.
- The beginning of an establishment for the engraving and printing of U.S. currency can be traced as far back as August 29, 1862, to a single room in the basement of the Main Treasury Building where two men and four women separated and sealed by hand $1 and $2 U.S. notes which had been printed by private bank note companies. Today there are approximately 2,800 employees who work out of two buildings in Washington, D.C. and a facility in Fort Worth, Texas.
-During Fiscal Year 2008 the BEP delivered 7.7 billion notes at an average cost of 6.4 cents per note.
You can read more fun facts or find out more on how money is made at
http://www.moneyfactory.gov/document.cfm/18/106
cost of living
based on the location, the cost of living will almost always be different.
there are three main factors to determining cost of living for a certain area: Supply and Demand factors reflected on the salary ranges for a particular city, state taxes and regional Consumer Price Index (CPI) information.
for example, if i lived in Galesburg, IL and made $30,000 a year, in order to live the same kind of lifestyle in Manhatten, NY i would need to make over $68,000 a year. this is due in large part because the housing costs 368% more than it does in galesburg.
in new york, because there are so many people living there, the stores can afford to put the prices high because they know that the consumers will pay it.
http://cgi.money.cnn.com/tools/costofliving/costofliving.html, www.bls.gov/cpi/
there are three main factors to determining cost of living for a certain area: Supply and Demand factors reflected on the salary ranges for a particular city, state taxes and regional Consumer Price Index (CPI) information.
for example, if i lived in Galesburg, IL and made $30,000 a year, in order to live the same kind of lifestyle in Manhatten, NY i would need to make over $68,000 a year. this is due in large part because the housing costs 368% more than it does in galesburg.
in new york, because there are so many people living there, the stores can afford to put the prices high because they know that the consumers will pay it.
http://cgi.money.cnn.com/tools/costofliving/costofliving.html, www.bls.gov/cpi/
July 2nd Discussion (Questions and Answers)
What is the current rate in which money is printed in the United States?
During the (FY) 2008, the Bureau of Engraving and Printing produced approximately 38 million notes a day with a face value of approximately $629 billion. There is question to what percent of that goes towards replacement or what percent is "new" money. In an earlier blog I had the statistic that 95% of the money printed last year was used to replace existing money.
What is the U.S. debt?
On March 3, 2009 the United States had a debt of $10.9 trillion. I also noted that most of that debt is to the citizens of the country so it does not seem to be that big of a deal. That is why citizen buy bonds.
Does the U.S. borrow money from somewhere?
We owe money to China, Japan, Saudi Arabia, and other oil exporting countries. Our total debt to other countries is $3072.2 billion. Here is a break down of the top 5:
China=$739.6 billion
Japan=$634.8 billion
Oil Exporters=$186.3 billion
Caribbean Banking Centers=$176.6 billion
Brazil=$133.5 billion
What is inflation?
-rise of the prices of goods and services in the economy
-decline in the real value of money
-loss of purchasing power
-increase in the supply of currency or credit relative to the availability of goods and services
I also found a very interesting web page: http://www.abovetopsecret.com/forum/thread342930/pg1
The rest of the information was a combined effort of all the team members to compile.
During the (FY) 2008, the Bureau of Engraving and Printing produced approximately 38 million notes a day with a face value of approximately $629 billion. There is question to what percent of that goes towards replacement or what percent is "new" money. In an earlier blog I had the statistic that 95% of the money printed last year was used to replace existing money.
What is the U.S. debt?
On March 3, 2009 the United States had a debt of $10.9 trillion. I also noted that most of that debt is to the citizens of the country so it does not seem to be that big of a deal. That is why citizen buy bonds.
Does the U.S. borrow money from somewhere?
We owe money to China, Japan, Saudi Arabia, and other oil exporting countries. Our total debt to other countries is $3072.2 billion. Here is a break down of the top 5:
China=$739.6 billion
Japan=$634.8 billion
Oil Exporters=$186.3 billion
Caribbean Banking Centers=$176.6 billion
Brazil=$133.5 billion
What is inflation?
-rise of the prices of goods and services in the economy
-decline in the real value of money
-loss of purchasing power
-increase in the supply of currency or credit relative to the availability of goods and services
I also found a very interesting web page: http://www.abovetopsecret.com/forum/thread342930/pg1
The rest of the information was a combined effort of all the team members to compile.
The Fiat System
Fiat money is money that is intrinsically useless - it is used only as a medium of exchange. There is no restrain on the amount of money that can be printed. In the gold standard, money can only be printed if it is backed by gold. In the fiat system money, money doesn't have an actual value. Money gains its value because people want it. If everyone decided money was worthless the money would be worthless. People want it and are willing to trade goods and services to get it so they can use it on other goods and services. The problem with the fiat system is that hyperinflation can easily occur and confidence in the system is easily lost. Once people start losing confidence in the money, the money becomes worthless. Gold has replaced every fiat currency, except the U.S.'s, for the past 3000 years. The U.S. manages to avoid hyperinflation by shifting between a fiat system and gold standard for the past 200 years as follows:
1985-1861 - Fixed Gold Standard
1862-1879 - Floating Fiat System
1880-1914 - Fixed Gold Standard
1915-1925 - Floating Fiat System
1926-1931 - Fixed Gold Standard
1931-1945 - Floating Fiat System
1945-1968 - Fixed Gold Standard
1971 - Floating Fiat System
1971-1973 - Fixed Fiat System
1973-present - Floating Fiat System
U.S. Debt
The U.S debt increases by an average of $3.96 billion per day. It has been growing like this since September 28, 2007. The U.S. has $11,552,141,291,250.35 (updates constantly) in public. Each citizen's share is approximately $37,693.61. The U.S. has 3072.2 billion dollars in debt to other countries. China, Japan, oil exporters, Caribbean banking centers, and Brazil are the five countries the U.S. in debt to. There are over 30 countries the U.S. is in debt to.
Foreign owners of US Treasury Securities (January 2009)
People's Republic of China $739.6 billion - 24.07% of total
Japan $634.8 billion - 20.66% of total
Oil exporters $186.3 billion - 6.06% of total
Caribbean banking centers $176.6 billion - 5.75% of total
Brazil $133.5 billion - 4.35% of total
United Kingdom $124.2 billion - 4.04% of total
Russia $119.6 billion - 3.89% of total
Luxembourg $87.2 billion - 2.84% of total
Taiwan $73.3 billion - 2.39% of total
Hong Kong $71.7 billion - 2.33% of total
Switzerland $62.1 billion - 2.02% of total
Germany $56.4 billion - 1.84% of total
Republic of Ireland $50 billion - 1.63% of total
Singapore $38.3 billion - 1.25% of total
Thailand $37.2 billion - 1.21% of total
Mexico $34.9 billion - 1.14% of total
India $32.5 billion - 1.06% of total
Turkey $31.3 billion - 1.02% of total
Korea $31.3 billion - 1.02% of total
Norway $21.9 billion - 0.71% of total
France $17.9 billion - 0.58% of total
Israel $16.9 billion - 0.55% of total
Egypt $16.9 billion - 0.55% of total
Netherlands $16.8 billion - 0.55% of total
Italy $15.6 billion - 0.51% of total
Belgium $15.5 billion - 0.50% of total
Chile $15.2 billion - 0.49% of total
Sweden $12.4 billion - 0.40% of total
Philippines $11.6 billion - 0.38% of total
Colombia $11.3 billion - 0.37% of total
All other $179.4billion - 5.84% of total
Grand Total = $3072.2 billion
Fiat money is money that is intrinsically useless - it is used only as a medium of exchange. There is no restrain on the amount of money that can be printed. In the gold standard, money can only be printed if it is backed by gold. In the fiat system money, money doesn't have an actual value. Money gains its value because people want it. If everyone decided money was worthless the money would be worthless. People want it and are willing to trade goods and services to get it so they can use it on other goods and services. The problem with the fiat system is that hyperinflation can easily occur and confidence in the system is easily lost. Once people start losing confidence in the money, the money becomes worthless. Gold has replaced every fiat currency, except the U.S.'s, for the past 3000 years. The U.S. manages to avoid hyperinflation by shifting between a fiat system and gold standard for the past 200 years as follows:
1985-1861 - Fixed Gold Standard
1862-1879 - Floating Fiat System
1880-1914 - Fixed Gold Standard
1915-1925 - Floating Fiat System
1926-1931 - Fixed Gold Standard
1931-1945 - Floating Fiat System
1945-1968 - Fixed Gold Standard
1971 - Floating Fiat System
1971-1973 - Fixed Fiat System
1973-present - Floating Fiat System
U.S. Debt
The U.S debt increases by an average of $3.96 billion per day. It has been growing like this since September 28, 2007. The U.S. has $11,552,141,291,250.35 (updates constantly) in public. Each citizen's share is approximately $37,693.61. The U.S. has 3072.2 billion dollars in debt to other countries. China, Japan, oil exporters, Caribbean banking centers, and Brazil are the five countries the U.S. in debt to. There are over 30 countries the U.S. is in debt to.
Foreign owners of US Treasury Securities (January 2009)
People's Republic of China $739.6 billion - 24.07% of total
Japan $634.8 billion - 20.66% of total
Oil exporters $186.3 billion - 6.06% of total
Caribbean banking centers $176.6 billion - 5.75% of total
Brazil $133.5 billion - 4.35% of total
United Kingdom $124.2 billion - 4.04% of total
Russia $119.6 billion - 3.89% of total
Luxembourg $87.2 billion - 2.84% of total
Taiwan $73.3 billion - 2.39% of total
Hong Kong $71.7 billion - 2.33% of total
Switzerland $62.1 billion - 2.02% of total
Germany $56.4 billion - 1.84% of total
Republic of Ireland $50 billion - 1.63% of total
Singapore $38.3 billion - 1.25% of total
Thailand $37.2 billion - 1.21% of total
Mexico $34.9 billion - 1.14% of total
India $32.5 billion - 1.06% of total
Turkey $31.3 billion - 1.02% of total
Korea $31.3 billion - 1.02% of total
Norway $21.9 billion - 0.71% of total
France $17.9 billion - 0.58% of total
Israel $16.9 billion - 0.55% of total
Egypt $16.9 billion - 0.55% of total
Netherlands $16.8 billion - 0.55% of total
Italy $15.6 billion - 0.51% of total
Belgium $15.5 billion - 0.50% of total
Chile $15.2 billion - 0.49% of total
Sweden $12.4 billion - 0.40% of total
Philippines $11.6 billion - 0.38% of total
Colombia $11.3 billion - 0.37% of total
All other $179.4billion - 5.84% of total
Grand Total = $3072.2 billion
Wednesday, July 1, 2009
1 Jul 2009 Discussion
Today our conversation was about GDP and how we could help the economy throughout the world. Unfortunately since I’m the last to post, everyone pretty much covered everything. Although, I did learn new things. I didn’t know about GDP at the beginning of the morning and I do now. It is the measure of a nation’s total economic activity. To calculate GDP you need personal consumption, government expenditures, investment spending, net exports, and imports. The equation to calculate GDP is Consumption + Government Expenditures + Investment + Exports – Imports = GDP. Inflation can affect the GDP so much that you can not accurately figure the GDP.
We also talked about the stock market and how we can restore people’s trust. We talked about scams like the sham wow do not work but you will never know unless you try. And oxi-clean actually works and you wouldn’t know that either unless you tried it. People need to try out new products to help new companies grow and people also need to invest in new companies. There needs to be more risks. People are too conservative and need to risk a little bit. Now I’m not saying spend your every check on the stock market but maybe 100 or 200 dollars. That money can help companies out. And you can make money if that company grows.
We also decided that tomorrow we will talk about Inflation. Then on Friday we will talk about Unemployment and what can help or hurt it.
We also talked about the stock market and how we can restore people’s trust. We talked about scams like the sham wow do not work but you will never know unless you try. And oxi-clean actually works and you wouldn’t know that either unless you tried it. People need to try out new products to help new companies grow and people also need to invest in new companies. There needs to be more risks. People are too conservative and need to risk a little bit. Now I’m not saying spend your every check on the stock market but maybe 100 or 200 dollars. That money can help companies out. And you can make money if that company grows.
We also decided that tomorrow we will talk about Inflation. Then on Friday we will talk about Unemployment and what can help or hurt it.
gdp
Argentina GDP
326,474
a country's GDP is a solid indicator of how well their economy is doing.
inflation is the only thing that can make the GDP somewhat inaccurate.
GDP= consumption + gross investment + government spending + (exports − imports)
Topic of the Day=The Million Dollar Question
Today's question/ topic was: What do you think consumers, businesses, government, and the world should do to make the economy better?
Here is what we came up with:
Consumers
1. Consumers should try new products that are reasonable and have been researched. They should also be approved by the government if a big investment or they can buy new products that do not cost a lot of money and are small risks which help businesses but does not hurt your pocketbook.
2. Think positively and keep spending if possible. Economies do better when people spend money more than save.
3. Invest money in companies.
Businesses
1. Make durable yet low cost products
2. Employ as many people as possible to your benefit
3. Be innovative
4. Have good marketing techniques
5. Be loyal to customers and welcome new by being informative
6. Target young people and also stay in contact with other age ranges...also on specific age range products you should target and promote to them
Government
1. Encourage spending by consumers
2. Encourage companies to try innovative techniques and maybe a new product
3. IDEA: Government should work with companies and give out a voucher/coupon for products and then they can pay the company for what they lose in the transaction. This will help the consumer and have the companies gain consumers. Also, it may work better than just giving them money out of a stimulus plan. I do question though if this is infringing on the free market/capitalist market.
World
1. Continue organizations that makes assessments of the market like IMF or G-20
2. Interact with one another and see what is working for other countries and so they can apply it to others....though we are in a competitive market, allies will help one another
3. Keep exporting and importing but encourage people to buy products made in home country too...keep a balance and don't rack up a big trade deficit
Here is what we came up with:
Consumers
1. Consumers should try new products that are reasonable and have been researched. They should also be approved by the government if a big investment or they can buy new products that do not cost a lot of money and are small risks which help businesses but does not hurt your pocketbook.
2. Think positively and keep spending if possible. Economies do better when people spend money more than save.
3. Invest money in companies.
Businesses
1. Make durable yet low cost products
2. Employ as many people as possible to your benefit
3. Be innovative
4. Have good marketing techniques
5. Be loyal to customers and welcome new by being informative
6. Target young people and also stay in contact with other age ranges...also on specific age range products you should target and promote to them
Government
1. Encourage spending by consumers
2. Encourage companies to try innovative techniques and maybe a new product
3. IDEA: Government should work with companies and give out a voucher/coupon for products and then they can pay the company for what they lose in the transaction. This will help the consumer and have the companies gain consumers. Also, it may work better than just giving them money out of a stimulus plan. I do question though if this is infringing on the free market/capitalist market.
World
1. Continue organizations that makes assessments of the market like IMF or G-20
2. Interact with one another and see what is working for other countries and so they can apply it to others....though we are in a competitive market, allies will help one another
3. Keep exporting and importing but encourage people to buy products made in home country too...keep a balance and don't rack up a big trade deficit
Today we discussed gross domestic product (GDP). Factors that make up GDP are personal consumption, government expenditures, investment spending, and net exports. Personal consumption is money spent on durable good (goods that will last three years or more), nondurable goods (don't last as long such as food and clothing), and services. Government expenditures consists of government spending on defense, roads, and schools. Investment spending is money spent for nonresidential (plants and equipment), residential (houses for one or multiple families), and business inventories. Net exports are made up of imports and exports. GDP is found as follows:
GDP = personal consumption + government expenditures + investment spending + exports - imports
GDP can also become highly inaccurate because of inflation rates. The value of money goes down the higher the GDP can appear when it is actually lower than it was previously once adjusted for inflation. When GDP declines for two consecutive quarters the economy, by definition, is in a recession. If GDP grows to quickly fears of inflation arise and the government may raise interest rates to try to control inflation. GDP is calculated in current dollars and constant dollars. Current dollar is in today's dollar value with inflation. Constant dollar is without inflation so it can easily be compared to past GDP's when inflation was lower.
GDP = personal consumption + government expenditures + investment spending + exports - imports
GDP can also become highly inaccurate because of inflation rates. The value of money goes down the higher the GDP can appear when it is actually lower than it was previously once adjusted for inflation. When GDP declines for two consecutive quarters the economy, by definition, is in a recession. If GDP grows to quickly fears of inflation arise and the government may raise interest rates to try to control inflation. GDP is calculated in current dollars and constant dollars. Current dollar is in today's dollar value with inflation. Constant dollar is without inflation so it can easily be compared to past GDP's when inflation was lower.
Tuesday, June 30, 2009
Today we met at CSC and discussed which direction we felt would be best for our presentation. We will be working on making outlines and deciding who should present what information in the next few days. We are thinking about having each person explain one of three key factors of a recession and one person introduce the factors and close with possible ways to get out of a recession, ways to prevent a future recession, or both. We will relay important facts to the proper person and continue with researching our countries and common factors of a recession.
Extra Information about the International Monetary Fund and G-20
While waiting at the library on Tuesday before the discussion about the presentation I found some information about the International Monetary Fund (IMF) and the G-20:
The International Monetary Fund
-The International Monetary Fund promotes international monetary cooperation and exchange rate stability, facilitates the balanced growth of international trade and provides resources to help members in balance of payment difficulties or to assist with poverty reduction. (taken from www.imf.org)
-Consists of 186 countries
-it is a special agency of the UN and has its own charter, government, and finances
-it keeps track of the economic health of its member countries and alerts them to risks on the horizon and provide policy advice
On the Agenda for the IMF:
1) Emergency lending to emerging markets
-$50 billion to 7 countries
-April 2009-$47 billion to Mexico
2) Helping low-income countries fight the crisis
3) Advocating global fiscal stimulus
-helps to address the problems and how to design effective stimulus packages
4) Reforming international financial system
Some projected statistics for the United States:
GDP-2009= $14,002.739 billion 2010=$14,050.753 billion
Inflation-2009= -0.935% change 2010= -0.084% change
Unemployment Rate-2009= 8.868% 2010= 10.109%
Gross Debt-2009= $12,180.328 billion 2010=$13,697.978 billion
Current Account Balance with IMF- 2009= -393.250 billion 2010= 396.804 billion
About the Group of 20 (G-20)
-It is a group of twenty finance ministers and central bank governors
-It was established in 1999 to bring together systemically important industrialized and developing economies to discuss key issues in the global economy (taken from www.g20.org)
-19 countries plus the European Union
-Created as a response to the financial crisis of the late 1990's
-G-20 economies comprise 85% of global gross national product
-G-20 economies account for 80% of world trade
-Also 2/3rds of the world's population
Works Cited: www.g20.org and www.imf.org
The International Monetary Fund
-The International Monetary Fund promotes international monetary cooperation and exchange rate stability, facilitates the balanced growth of international trade and provides resources to help members in balance of payment difficulties or to assist with poverty reduction. (taken from www.imf.org)
-Consists of 186 countries
-it is a special agency of the UN and has its own charter, government, and finances
-it keeps track of the economic health of its member countries and alerts them to risks on the horizon and provide policy advice
On the Agenda for the IMF:
1) Emergency lending to emerging markets
-$50 billion to 7 countries
-April 2009-$47 billion to Mexico
2) Helping low-income countries fight the crisis
3) Advocating global fiscal stimulus
-helps to address the problems and how to design effective stimulus packages
4) Reforming international financial system
Some projected statistics for the United States:
GDP-2009= $14,002.739 billion 2010=$14,050.753 billion
Inflation-2009= -0.935% change 2010= -0.084% change
Unemployment Rate-2009= 8.868% 2010= 10.109%
Gross Debt-2009= $12,180.328 billion 2010=$13,697.978 billion
Current Account Balance with IMF- 2009= -393.250 billion 2010= 396.804 billion
About the Group of 20 (G-20)
-It is a group of twenty finance ministers and central bank governors
-It was established in 1999 to bring together systemically important industrialized and developing economies to discuss key issues in the global economy (taken from www.g20.org)
-19 countries plus the European Union
-Created as a response to the financial crisis of the late 1990's
-G-20 economies comprise 85% of global gross national product
-G-20 economies account for 80% of world trade
-Also 2/3rds of the world's population
Works Cited: www.g20.org and www.imf.org
Monday, June 29, 2009
Romania: The Leu
Currency
1999
- Romania’s currency fell 6.5% towards the end of the year
-Throughout the whole year, it has lost about 1/3 of its value
-An IMF bailout was agreed to earlier this year but with the country’s careless banking reforms and slow privatization programs have delayed the bailout.
-the country owed over $2.8 billion in public and private debt
-since the beginning of the year, the leu lost 29% of its value against the dollar
2001
-Romania officially submitted to the EU council its negotiating position on Economic and Monetary Union in the beginning of November.
-They had a goal to reduce inflation to under 10% by 2004
-another goal was to make the euro the only exchange currency for the leu
2002
-at the beginning of the year, 31,600 lei equaled US$1
-In early April, 32,860 lei equaled US$1
-In late June, 33,300 lei equaled US$1
2005
- the leu plummeted in value from 21 to the dollar in 1990 to 29,890 lei to the dollar the day before the changeover
-leu means lion in Romania
-the new leu is worth about $.34 and is equal to 10,000 units of the old currency
-inflation fell to 7.5%
2007
-the leu fell 1.2% against the euro and 1.4% against the dollar
-the currency has declined since early July
2008
-the leu sharply appreciated against the euro and the dollar until early July and then steadily declined
2009
-the leu has lost more than 17.5 percent against the euro
-the country received a 20 billion-euro loan led by the IMF
-the IMF predicts that Romania’s economy will shrink by at least 4 percent this year after a growth of 7.1 percent last year
Works Cited
http://www.google.com/search?q=romania+currency+history&hl=en&tbs=tl:1&tbo=1&ei=cspISqVSlI22B_7_2ZAG&sa=X&oi=timeline_result&ct=title&resnum=11
1999
- Romania’s currency fell 6.5% towards the end of the year
-Throughout the whole year, it has lost about 1/3 of its value
-An IMF bailout was agreed to earlier this year but with the country’s careless banking reforms and slow privatization programs have delayed the bailout.
-the country owed over $2.8 billion in public and private debt
-since the beginning of the year, the leu lost 29% of its value against the dollar
2001
-Romania officially submitted to the EU council its negotiating position on Economic and Monetary Union in the beginning of November.
-They had a goal to reduce inflation to under 10% by 2004
-another goal was to make the euro the only exchange currency for the leu
2002
-at the beginning of the year, 31,600 lei equaled US$1
-In early April, 32,860 lei equaled US$1
-In late June, 33,300 lei equaled US$1
2005
- the leu plummeted in value from 21 to the dollar in 1990 to 29,890 lei to the dollar the day before the changeover
-leu means lion in Romania
-the new leu is worth about $.34 and is equal to 10,000 units of the old currency
-inflation fell to 7.5%
2007
-the leu fell 1.2% against the euro and 1.4% against the dollar
-the currency has declined since early July
2008
-the leu sharply appreciated against the euro and the dollar until early July and then steadily declined
2009
-the leu has lost more than 17.5 percent against the euro
-the country received a 20 billion-euro loan led by the IMF
-the IMF predicts that Romania’s economy will shrink by at least 4 percent this year after a growth of 7.1 percent last year
Works Cited
http://www.google.com/search?q=romania+currency+history&hl=en&tbs=tl:1&tbo=1&ei=cspISqVSlI22B_7_2ZAG&sa=X&oi=timeline_result&ct=title&resnum=11
Zimbabwe
This graph shows the exchange rate between a Zimbabwe dollar (ZWD) and a U.S. dollar (USD).
This graph shows the exchange rate between a Zimbabwe dollar (ZWD) and a U.S. dollar (USD).
Most of this information came from a article that is from around 2007, therefore some of the information here may be incorrect now.
Zimbabwe has suffered from hyperinflation for about five years. In 2006, Zimbabwe had the greatest inflation level in all of Africa. In December 1997, Zimbabwe had an annual inflation rate of twenty percent. In February 2007, Zimbabwe's inflation rate hit 1,594 percent.
Zimbabwe's banking sector is made up of seventeen commercial banks. Three commercial banks, including the largest one, have some degree of state ownership; however the other fourteen are privately owned. Four of the privately owned banks are foreign-owned. A number of the banks have been faced with liquidity crises due to the worsening economy in Zimbabwe. The insurance sector consists of nine life insurance firms, 26 general insurance firms and six re-insurers. All are under the supervision of the Zimbabwe Ministry of Finance, Economic Planning and Development.
Zimbabwe's stock exchange had a market capitalisation of about twenty billion USD at the end of 2006. The stock market offered its highest returns in Africa in 2005 and for most of 2006 despite the deep recession in Zimbabwe. This was driven by local investors hoping to make significant returns on their investments in the midst of hyperinflation.
United States Currency
The United States Currency as everyone knows is the dollar. Here are some things and facts I have found about our currency:
*The US currency is the most used currency in international transactions
*It is a fiat currency (money declared by a government to be the official currency)
-even though it is fiat currency other countries use it as their official currency or their “de facto currency” (not legal tender but used by most of the population)
examples: Lebanon, Zimbabwe, Iraq, Panama, Somalia
*Denominations equal or greater than a dollar are emitted as Federal Reserve Notes
*Denominations less than a dollar are emitted as US Coins
*Made from 75% cotton fiber paper and 25% linen
* Inflation = .74%
*Nicknames:
-buck
-paper
-scrillas
-bones
-dough
-greens
-greenbacks
- (name of person on it)
* $ = two vertical bars with a cloth band in the shape of an “S”
*The US Dollar was created and defined by the Coinage Act of 1792
* Backed by gold
*The dollar is less than a euro
Exchange rate as of 15 min ago: US $1 = € 0.7115
€1 = US $ 1.4055
http://www.dollars2euro.com/ updates it every 15 minutes
* The Bureau of Engraving and Printing is the printer of the money
*The Central Bank is the Federal Reserve Bank-Ben S. Bernanke
* The Mint is the United State Mint (where the money is made)
*During fiscal year 2007, the Bureau of Engraving and Printing (BEP) produced approximately 38 million notes a day with a face value of approximately $750 million.
*95% of the notes printed each year are used to replace notes already in, or taken out of circulation.
*The first paper currency issued by the U.S. Department of the Treasury were Demand Notes Series 1861.
*You could get a $5,000 fine or 15 years in prison if you are found counterfeiting currency.
*The U.S. technically makes money when it prints more because of seigniorage. This means that it takes a few cents to make a quarter but in circulation it is 25 cents. This puts extra funds in the Treasury and goes towards education, health care, and defense.
*The life expectancy of a circulating coin is 30 years, while paper money usually only lasts for 18 months.
Works Cited: www.federalreserve.gov and www.moneyfactory.gov and www.usmint.gov
*The US currency is the most used currency in international transactions
*It is a fiat currency (money declared by a government to be the official currency)
-even though it is fiat currency other countries use it as their official currency or their “de facto currency” (not legal tender but used by most of the population)
examples: Lebanon, Zimbabwe, Iraq, Panama, Somalia
*Denominations equal or greater than a dollar are emitted as Federal Reserve Notes
*Denominations less than a dollar are emitted as US Coins
*Made from 75% cotton fiber paper and 25% linen
* Inflation = .74%
*Nicknames:
-buck
-paper
-scrillas
-bones
-dough
-greens
-greenbacks
- (name of person on it)
* $ = two vertical bars with a cloth band in the shape of an “S”
*The US Dollar was created and defined by the Coinage Act of 1792
* Backed by gold
*The dollar is less than a euro
Exchange rate as of 15 min ago: US $1 = € 0.7115
€1 = US $ 1.4055
http://www.dollars2euro.com/ updates it every 15 minutes
* The Bureau of Engraving and Printing is the printer of the money
*The Central Bank is the Federal Reserve Bank-Ben S. Bernanke
* The Mint is the United State Mint (where the money is made)
*During fiscal year 2007, the Bureau of Engraving and Printing (BEP) produced approximately 38 million notes a day with a face value of approximately $750 million.
*95% of the notes printed each year are used to replace notes already in, or taken out of circulation.
*The first paper currency issued by the U.S. Department of the Treasury were Demand Notes Series 1861.
*You could get a $5,000 fine or 15 years in prison if you are found counterfeiting currency.
*The U.S. technically makes money when it prints more because of seigniorage. This means that it takes a few cents to make a quarter but in circulation it is 25 cents. This puts extra funds in the Treasury and goes towards education, health care, and defense.
*The life expectancy of a circulating coin is 30 years, while paper money usually only lasts for 18 months.
Works Cited: www.federalreserve.gov and www.moneyfactory.gov and www.usmint.gov
argentina currency
since the "dirty war" in the 1970's, the economy and currency value in argentina have fluctuated greatly. the goal for the argentine government was to keep the argentine peso at 1 to 1 with the us dollar to promote economic stability.
in 1999, due to the recession, the IMF gave argentina a $40 billion aid package. even with this, the economy continued to fail. and in 2002, the governments goal of keeping the peso at a 1 to 1 with the us dollar was abandoned. after this in 2002, the argentine peso became a free floating currency and lost 60% of its value.
but do to major reforms in the argentine economy, the peso has seen a steady recovery. as an additional effort to increase the strength of the peso, the government has been buying on average $20 million usd per day.
on the graph, it measures the CPI, which shows the inflation at the current time.
http://en.wikipedia.org/wiki/Argentine_economic_crisis_(1999%E2%80%932002)
Friday, June 26, 2009
Romania Industry and Working
Industry
Romania has rich and fertile land which has abundant mineral deposits. However, since the 1960's industry has gradually passed agriculture as the country's main source of income as well as its primary employer. Romania does not specialize in just one or two products. Romania makes a variety of different things. Their main industries are iron, steel, nonferrous metals, chemicals, food processing, machinery and transportation equipment, textiles and clothing, electronics, construction, furniture and other wood products, shipbuilding and refurbishment, windmills, pharmaceuticals, medical equipment, textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, petroleum refining, and computers.
Working
The unemployment rate is about 6% and 25% of the population live below the poverty line.
-a person can legally work at the age of 16
-may work at 15 with parents permission
-cannot work if under 15
-full time consists of 8 hours a day and 4o hours a week
-full time employees cannot go over 48 hours in one week, including overtime
-for every 5 days of 8 hour work, there must be two days off
-people under 8 can only work up to 6 hours a day and 3o hours a week
-if shifts are 12 hours, it must be followed by 24 hours of rest
-minimum wage is 600 new lei which is $198.89 US per month
Romania has rich and fertile land which has abundant mineral deposits. However, since the 1960's industry has gradually passed agriculture as the country's main source of income as well as its primary employer. Romania does not specialize in just one or two products. Romania makes a variety of different things. Their main industries are iron, steel, nonferrous metals, chemicals, food processing, machinery and transportation equipment, textiles and clothing, electronics, construction, furniture and other wood products, shipbuilding and refurbishment, windmills, pharmaceuticals, medical equipment, textiles and footwear, light machinery and auto assembly, mining, timber, construction materials, metallurgy, petroleum refining, and computers.
Working
The unemployment rate is about 6% and 25% of the population live below the poverty line.
-a person can legally work at the age of 16
-may work at 15 with parents permission
-cannot work if under 15
-full time consists of 8 hours a day and 4o hours a week
-full time employees cannot go over 48 hours in one week, including overtime
-for every 5 days of 8 hour work, there must be two days off
-people under 8 can only work up to 6 hours a day and 3o hours a week
-if shifts are 12 hours, it must be followed by 24 hours of rest
-minimum wage is 600 new lei which is $198.89 US per month
Works Cited
Zimbabwe
Zimbabwe's inflation rate reach 230 million percent in July 2008. Shortly after, Zimbabwe quit issuing the inflation rate. A Z100 billion note was issued. It could barely buy a loaf of bread. A Z100 trillion note followed. Zimbabwe abandoned its currency in January 2009 and is allowing currencies from other countries to be used.
Zimbabwe's service sector accounts for 59 percent of Zimbabwe's GDP. The most important parts of the service sector are tourism, education, and public services.
Zimbabwe's inflation rate reach 230 million percent in July 2008. Shortly after, Zimbabwe quit issuing the inflation rate. A Z100 billion note was issued. It could barely buy a loaf of bread. A Z100 trillion note followed. Zimbabwe abandoned its currency in January 2009 and is allowing currencies from other countries to be used.
Zimbabwe's service sector accounts for 59 percent of Zimbabwe's GDP. The most important parts of the service sector are tourism, education, and public services.
United States Industry
The topic for today is the industry of our country. Therefore here are some facts I have found from random sources but mostly the CIA Fact Book.
1. According to the International Monetary Fund, the U.S. GDP of $14.3 trillion constitutes 23% of the gross world power at market exchange rates and almost 21% of the gross world product at purchasing power parity.
2. The United States is the largest importer of goods.
3. It is also the third largest exporter.
4. The United States is the 3rd largest producer of oil in the world.
5. On the other hand, it is the largest importer of oil.
6. It is the world’s number one producer of electrical and nuclear energy in the world, as well as the number one producer of liquid natural gas, sulfur, phosphate, and salt.
7. The U.S.’s leading export commodity is electrical machinery.
8. Its leading importing good is vehicles.
9. In 2008, the trade deficit was $810 billion.
Here are some statistics about the industry:
-labor force= 155.2 million
by occupation:
- .6% forestry and fishing
- 22.6% manufacturing, extraction, transportation, and crafts
- 35.5% professional and technical
- 24.8% sales and office
- 16.5% other
- Export Commodities=agricultural products (soybeans, fruit, corn) 9.2%, industrial supplies (organic chemicals) 26.8%, capital goods (transistors, aircraft, motor vehicle parts, computers, telecommunications equipment) 49.0%, consumer goods (automobiles, medicines) 15.0%
-Import Commodities= agricultural products 4.9%, industrial supplies 32.9% (crude oil 8.2%), capital goods 30.4% (computers, telecommunications equipment, motor vehicle parts, office machines, electric power machinery), consumer goods 31.8% (automobiles, clothing, medicines, furniture, toys)
-Importing Partners= China 16.9%, Canada 15.7%, Mexico 10.6%, Japan 7.4%, Germany 4.8% (2007)
-Export Partners= Canada 21.4%, Mexico 11.7%, China 5.6%, Japan 5.4%, UK 4.3%, Germany 4.3%
-Exports= $1.377 trillion
-Imports=$2.19 trillion
List of Industries:
leading industrial power in the world, highly diversified and technologically advanced; petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, mining
List of Agriculture Products:
wheat, corn, other grains, fruits, vegetables, cotton; beef, pork, poultry, dairy products; fish; forest products
Works Cited: http://www.theodora.com/wfbcurrent/united_states/united_states_economy.html
1. According to the International Monetary Fund, the U.S. GDP of $14.3 trillion constitutes 23% of the gross world power at market exchange rates and almost 21% of the gross world product at purchasing power parity.
2. The United States is the largest importer of goods.
3. It is also the third largest exporter.
4. The United States is the 3rd largest producer of oil in the world.
5. On the other hand, it is the largest importer of oil.
6. It is the world’s number one producer of electrical and nuclear energy in the world, as well as the number one producer of liquid natural gas, sulfur, phosphate, and salt.
7. The U.S.’s leading export commodity is electrical machinery.
8. Its leading importing good is vehicles.
9. In 2008, the trade deficit was $810 billion.
Here are some statistics about the industry:
-labor force= 155.2 million
by occupation:
- .6% forestry and fishing
- 22.6% manufacturing, extraction, transportation, and crafts
- 35.5% professional and technical
- 24.8% sales and office
- 16.5% other
- Export Commodities=agricultural products (soybeans, fruit, corn) 9.2%, industrial supplies (organic chemicals) 26.8%, capital goods (transistors, aircraft, motor vehicle parts, computers, telecommunications equipment) 49.0%, consumer goods (automobiles, medicines) 15.0%
-Import Commodities= agricultural products 4.9%, industrial supplies 32.9% (crude oil 8.2%), capital goods 30.4% (computers, telecommunications equipment, motor vehicle parts, office machines, electric power machinery), consumer goods 31.8% (automobiles, clothing, medicines, furniture, toys)
-Importing Partners= China 16.9%, Canada 15.7%, Mexico 10.6%, Japan 7.4%, Germany 4.8% (2007)
-Export Partners= Canada 21.4%, Mexico 11.7%, China 5.6%, Japan 5.4%, UK 4.3%, Germany 4.3%
-Exports= $1.377 trillion
-Imports=$2.19 trillion
List of Industries:
leading industrial power in the world, highly diversified and technologically advanced; petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, mining
List of Agriculture Products:
wheat, corn, other grains, fruits, vegetables, cotton; beef, pork, poultry, dairy products; fish; forest products
Works Cited: http://www.theodora.com/wfbcurrent/united_states/united_states_economy.html
Thursday, June 25, 2009
Romania Banking
Banking
I’m not finding much on how the banking in Romania works. They keep refers to themselves as they are like Americans. I found some tasks also of the National Bank of Romania.
These tasks include:
-to name and apply the monetary policy and the exchange rate policy
-to conduct the authorization, regulation and supervision of credit institutions and to support and manage the smooth process of the payment systems with a view to ensuring financial stability
-to issue banknotes and coins as legal tender on the land of Romania
-to set the exchange rate administration and to supervise its observance
-to manage the official reserves of Romania
Works Cited
http://en.wikipedia.org/wiki/National_Bank_of_Romania
I’m not finding much on how the banking in Romania works. They keep refers to themselves as they are like Americans. I found some tasks also of the National Bank of Romania.
These tasks include:
-to name and apply the monetary policy and the exchange rate policy
-to conduct the authorization, regulation and supervision of credit institutions and to support and manage the smooth process of the payment systems with a view to ensuring financial stability
-to issue banknotes and coins as legal tender on the land of Romania
-to set the exchange rate administration and to supervise its observance
-to manage the official reserves of Romania
Works Cited
http://en.wikipedia.org/wiki/National_Bank_of_Romania
United States Banking Sysetm
To start off with the United States has a dual banking system. This refers to the parallel state and federal banking systems. The federal system is based on a federal bank charter, powers are defined under federal law, is operated under federal standards and is overseen by a federal supervisor. The state system is they same yet different. It is based on a state bank charter, its powers are defined by state law, it operated under state standards, and is overseen by a state supervisor.
The Office of the Comptroller of Currency, also known as the OCC charters the national banks. It also makes sure that the national banks are safe and sound. They also conduct risk assessments and ranks the national banks.
This dual system also relies on the checks and balances system.
There is also the Federal Reserve. I believe I have talked about it in an earlier blog but it applies here too:
-it is independent from the Treasury Department
-its role is to foster a sound banking system and healthy economy
-it regulates and supervises the economy
-it has provided an enormous amount of liquidity to private institutions to restore the normal functioning of credit
-it also was the agency that gave $85 billion to AIG in loans
Works Cited: http://www.occ.treas.gov/ and "This Is Not Your Father's Recession...Or Is It" By Charles S. Gascon
The Office of the Comptroller of Currency, also known as the OCC charters the national banks. It also makes sure that the national banks are safe and sound. They also conduct risk assessments and ranks the national banks.
This dual system also relies on the checks and balances system.
There is also the Federal Reserve. I believe I have talked about it in an earlier blog but it applies here too:
-it is independent from the Treasury Department
-its role is to foster a sound banking system and healthy economy
-it regulates and supervises the economy
-it has provided an enormous amount of liquidity to private institutions to restore the normal functioning of credit
-it also was the agency that gave $85 billion to AIG in loans
Works Cited: http://www.occ.treas.gov/ and "This Is Not Your Father's Recession...Or Is It" By Charles S. Gascon
Zimbabwe
Zimbabwe had been using a fiat system. Zimbabwe's fiat system collapsed. More money was printed as the money was losing its value. The money lost even more of its value. The inflation is so bad that a newspaper cost Z25 billion in July 2008. A few weeks before it cost Z200,000. Computers in banks and ATMs could not keep up with the hyperinflation in 2008. Before the inflation began, the US dollar and the Zimbabwe dollar were about equal in exchange. In July 2008, one US dollar equalled 50 billion Zimbabwe dollars. The inflation is so out of control that people's wages cannot keep up. People in Zimbabwe are aware that printing more and more money causes, or at least attributes to, inflation.
Zimbabwe had been using a fiat system. Zimbabwe's fiat system collapsed. More money was printed as the money was losing its value. The money lost even more of its value. The inflation is so bad that a newspaper cost Z25 billion in July 2008. A few weeks before it cost Z200,000. Computers in banks and ATMs could not keep up with the hyperinflation in 2008. Before the inflation began, the US dollar and the Zimbabwe dollar were about equal in exchange. In July 2008, one US dollar equalled 50 billion Zimbabwe dollars. The inflation is so out of control that people's wages cannot keep up. People in Zimbabwe are aware that printing more and more money causes, or at least attributes to, inflation.
Business Culture
-Romania is a bureaucracy
-Personal relationships are a good idea to get what you want
Establishing Relationships
-they like to do business with down-to-earth people that do not brag about their achievements
-as long as you are considered an outsider you will be treated formally
-once considered an insider, you will be treated informally
Business Meetings
-Appointments should be made in advanced by 2-3 weeks and they like them to be made by letters
-it is difficult to schedule a meeting during July and August due to vacations
-the best time to plan appointments are between 9a.m. and 5 p.m.
-businesspeople are unavailable two weeks before and after Christmas and a week before and after Easter
-arrive on time and be ready to wait
-meetings are formal and follow “old-world” rules of courtesy
-wait to be told where to sit
-do not remove your suit jacket until told to or the most senior ranking Romanian removes his
-expect to get to know each other before diving into business
-presentation should be straight forward and simple
-include facts and figures to back up your conclusions
-avoid exaggerations
-office and washroom normally remain closed to ensure that you knock. When done using, close the door behind you
-the relationship between family, friends, and neighbors are extremely important
-welcome topics to talk about are Romanian history, Romanian arts, sports especially soccer, Food and wine, Romanian landscape, famous opera singers, and current events.
-avoid talking about religion, politics, taxes, corruption in the Romanian government, criticizing Romanian culture, stereotypes, questions about private family concerns, negative comments about the local softball team, making off-color jokes
Negotiating
-most decisions require many approvals
-it takes several meetings to accomplish a simple task
-can be tough negotiators
-they do not want to be taking advantage of from foreigners
-hire a negotiator to go with you
-they have a habit to tell others what they want to hear
-avoid confrontational behavior
-decisions are easily reversed
-use an indirect negotiating style. Direct can be viewed as poor manners
-do not change your team of negotiators before a decision is decided or the relationship-building process will have to be restarted
-final decisions are really slow and can take anywhere from 3 months to a year
-complimenting and rewarding is not done
Business Cards
- they are exchanged without formal ritual
-if your business has survived 50 years, include the founding date on your cards. Romanians are impressed by stability.
-include any university degrees on the card.
-have one side of the card in English and on the back side have it translated into Romanian
Gifts
- recommended gifts are chocolate, flowers or crafts and liquor from your own country
-give an odd number of flowers because even numbers are used for funerals
-roses are for romance and carnations are for funerals
- gifts are opened when received
-secretaries like gifts too
-gifts for children are a good idea too
-gifts to avoid are towels and handkerchiefs because they are associated with funerals, gifts wrapped in black paper because black signifies mourning, and gifts wrapped in purple because purple is a symbolic baby color for little girls
Works Cited
http://www.kwintessential.co.uk/resources/global-etiquette/romania.html
http://www.2cbc.net/2002/introductions/dos/dos_and_don'ts.pdf
-Romania is a bureaucracy
-Personal relationships are a good idea to get what you want
Establishing Relationships
-they like to do business with down-to-earth people that do not brag about their achievements
-as long as you are considered an outsider you will be treated formally
-once considered an insider, you will be treated informally
Business Meetings
-Appointments should be made in advanced by 2-3 weeks and they like them to be made by letters
-it is difficult to schedule a meeting during July and August due to vacations
-the best time to plan appointments are between 9a.m. and 5 p.m.
-businesspeople are unavailable two weeks before and after Christmas and a week before and after Easter
-arrive on time and be ready to wait
-meetings are formal and follow “old-world” rules of courtesy
-wait to be told where to sit
-do not remove your suit jacket until told to or the most senior ranking Romanian removes his
-expect to get to know each other before diving into business
-presentation should be straight forward and simple
-include facts and figures to back up your conclusions
-avoid exaggerations
-office and washroom normally remain closed to ensure that you knock. When done using, close the door behind you
-the relationship between family, friends, and neighbors are extremely important
-welcome topics to talk about are Romanian history, Romanian arts, sports especially soccer, Food and wine, Romanian landscape, famous opera singers, and current events.
-avoid talking about religion, politics, taxes, corruption in the Romanian government, criticizing Romanian culture, stereotypes, questions about private family concerns, negative comments about the local softball team, making off-color jokes
Negotiating
-most decisions require many approvals
-it takes several meetings to accomplish a simple task
-can be tough negotiators
-they do not want to be taking advantage of from foreigners
-hire a negotiator to go with you
-they have a habit to tell others what they want to hear
-avoid confrontational behavior
-decisions are easily reversed
-use an indirect negotiating style. Direct can be viewed as poor manners
-do not change your team of negotiators before a decision is decided or the relationship-building process will have to be restarted
-final decisions are really slow and can take anywhere from 3 months to a year
-complimenting and rewarding is not done
Business Cards
- they are exchanged without formal ritual
-if your business has survived 50 years, include the founding date on your cards. Romanians are impressed by stability.
-include any university degrees on the card.
-have one side of the card in English and on the back side have it translated into Romanian
Gifts
- recommended gifts are chocolate, flowers or crafts and liquor from your own country
-give an odd number of flowers because even numbers are used for funerals
-roses are for romance and carnations are for funerals
- gifts are opened when received
-secretaries like gifts too
-gifts for children are a good idea too
-gifts to avoid are towels and handkerchiefs because they are associated with funerals, gifts wrapped in black paper because black signifies mourning, and gifts wrapped in purple because purple is a symbolic baby color for little girls
Works Cited
http://www.kwintessential.co.uk/resources/global-etiquette/romania.html
http://www.2cbc.net/2002/introductions/dos/dos_and_don'ts.pdf
Wednesday, June 24, 2009
Basic Culture and Background of Romania
Basic Culture and Background
- Romania is a hierarchy. Age and position are respected.
-The father of a family runs the house. It’s a patriarch.
-They are formal and have a strong need of privacy.
-most do not trust strangers.
-they are generally shy and quiet when you first meet them and never are called by their first name, always their title and surname.
Meeting
-First greeting are formal. A handshake, direct eye contact, and the appropriate greeting for that time in the day.
-The older Romanians will kiss a woman’s hand.
-close friends may kiss and hug each other when they meet. The will kiss both cheeks, starting with the left first.
Titles
-People are dressed by their titles. "Domnul" for Mr. and "Doamna" for Mrs. and their surname.
-only close friends call them by their first name.
Gifts
- recommended gifts are chocolate, flowers or imported liquor
-give an odd number of flowers because even numbers are used for funerals
-they like roses and carnations
- gifts are opened when received
-gifts for children are a good idea too
Dining Rules
-arrive on time if invited to dinner but you can be late for a party by 15 minutes
-dress in office clothes
-if shoes are at the front door, take yours off as well
-use table manners
-wait to sit. There is usually a seating chart
-leave napkin on table. Do not put it on your lap.
-wait for host to say “pofta buna” (good appetite) before eating
-keeps hand visible on table with wrists on table edge
-if you are not done eating, cross your knife and fork on your plate
-when done eating, place your knife and fork across your plate with prongs facing down and the handles to the right
- Romania is a hierarchy. Age and position are respected.
-The father of a family runs the house. It’s a patriarch.
-They are formal and have a strong need of privacy.
-most do not trust strangers.
-they are generally shy and quiet when you first meet them and never are called by their first name, always their title and surname.
Meeting
-First greeting are formal. A handshake, direct eye contact, and the appropriate greeting for that time in the day.
-The older Romanians will kiss a woman’s hand.
-close friends may kiss and hug each other when they meet. The will kiss both cheeks, starting with the left first.
Titles
-People are dressed by their titles. "Domnul" for Mr. and "Doamna" for Mrs. and their surname.
-only close friends call them by their first name.
Gifts
- recommended gifts are chocolate, flowers or imported liquor
-give an odd number of flowers because even numbers are used for funerals
-they like roses and carnations
- gifts are opened when received
-gifts for children are a good idea too
Dining Rules
-arrive on time if invited to dinner but you can be late for a party by 15 minutes
-dress in office clothes
-if shoes are at the front door, take yours off as well
-use table manners
-wait to sit. There is usually a seating chart
-leave napkin on table. Do not put it on your lap.
-wait for host to say “pofta buna” (good appetite) before eating
-keeps hand visible on table with wrists on table edge
-if you are not done eating, cross your knife and fork on your plate
-when done eating, place your knife and fork across your plate with prongs facing down and the handles to the right
Works Cited
Zimbabwe Business Etiquette
Greeting-
Between men:
Greeting-
Between men:
- Firm handshake with right hand
- Hugs and pats on the back are common among close friends and family
- Firm handshake with right hand
- Hugs and pats on the back are common among close friends and family
- In rural areas a handshake with the right hand and a simultaneous slight genuflection is normal
- Handshake with the right hand is common
- In rural areas a handshake with the right hand followed by a small step backwards with a simultaneous slight genuflection when each person claps softly with cupped hands - some variations are used depending on the area
Communicating:
- Direct communication is preferred in urban areas
- Never use first names unless invited to do so
- Use Mr., Mrs., Dr., etc
- Indirect speaking is used in rural areas
- A woman who has become a mother for the first time is referred to as "the mother of ______" the father is "the father of _______"
- If a woman is married but does not have children she is Amai followed by her husband's surname
- Personal questions such as age and income are common
Personal Space and Touching:
- In cities arm length space is very important during conversations
- If you are male, it is best never to touch or put your arm on a married woman (this is disrespectful)
- In rural areas personal space between men and men can be very close and same for women and women but more than arm's length is common between men and women
- When feeling excited or happy during a conversation shaking hands, holding hands, and light pats on the back are common (more often very close friends of the same sex)
- There is little to no touching during initial and business meetings
Eye Contact:
- In cities and towns direct eye contact is normal and seen as an indication of honesty while indirect eye contact is seen as rude
- In rural areas if a man is speaking to a woman the woman usually looks off in the distance or at the ground (this is a sign of respect)
- If a father is speaking to a daughter, she would kneel and avoid eye contact to show respect
Views of time:
- Many people are laid back and do not care if a person is late to an event such as a party
- Arriving on time is valued but it is not a big deal if you are late
- Transportation services rarely run on time
- Time is very important for business
- People often give their time freely (especially for social events)
Gestures:
- The thumbs up is a sign that everything is okay
- Pointing is done with the index finger
- Whistling is used to call someone, get their attention, and to stop a bus or other moving vehicle
- Sticking your tongue out at anyone, especially an elderly person, is considered very rude
- Making a hissing sound or any other sound with the mouth is considered impolite
- Licking your lips while staing at someome of the opposite sex is considered obscene
- Speaking to someone with your hands in your pockets is considered rude
Business Dress:
- Business people dress well
- Men wear formal suits with ties and dark colors are preferred
- Women dress conservative yet stylishly and avoid expensive accesories and skirts or dresses above the knee and sleeveless attire
Business Cards:
- Exchange with right hand
- Sometimes both hands are used
Meetings:
- Showing up on time gives a good impression
- It is customary to greet whoever is closest to you or whoever you meet first
- Allow the host to begin and end the meeting
Negotiations:
- It is best to be honest about prices
- Emotions may be necessary in some instances (not always)
- Be calm
- Expect people to need time to think things through before making a decision
Gifts:
- Gifts are not expected but appreciated
- Gifts can be a positive gesture
- People would not be offended if a gift was offered
- Appropiate gifts include items found in one's country but not in Zimbabwe
- Gifts should be wrapped and are usually opened in private
If you can larn some basic phrases such as "how are you?," "good morning," and "good evening" you could be viewed as having an interest in Zimbabwe and its people rather than just the business side of the country.
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