Recent orders
Date 6th March 2022
Date: 6th March 2022
Name
Address
Name of the University
Address of the university
Dear Sir/Madam
I’m writing to express my interest in pursuing International Business Economics in your higher learning institution for the 2022 spring intake. I would love to study International Business and Economics program because it aligns with my aspirations to work in the corporate world and my passion for designing policies, advising others using presentations and reports, and making forecasts. I love doing a lot of research and using data to analyze economic issues in my country. My ultimate long-term career aspirations are to be a certified international economic analyst. I believe I’m built for this career path because of my traits and abilities to think strategically, evaluate scenarios and make informed decisions in various aspects of my life to achieve the best outcomes possible.
My high school GPA is impressive, and I have maintained a top position in the business subject in my class through senior year. Currently, I’m among the top three students in overall class performance. I have also been privileged to participate in the Top K12 Education Conference Innovative Schools Summit that brings together economists and young innovators to share ideas and devise strategies and economic policies that prove essential for the global market’s future. This summit was an informative experience that exposed me to a vast range of certified experts who extensively tackled subjects like economics, business, and technology and established a common ground for all of them. Additionally, I have chaired and facilitated school Business and Economics debates under the Innovation school club. Being part of the club has expanded my knowledge base as far as local and international economic status is concerned. Through the club, I have learned the origin of the economic crisis, how to achieve an equilibrium in the market, and strategies to curb unemployment, which is the main challenge facing the youths in my country.
I’m motivated to pursue this program by the worsening unemployment rates in my country and the need to improve my living standards in the future. Studying this course will create a platform for me to understand how the market operates and establish the root source of youth unemployment in my country. According to the credit rating agency, Agusto & Co, the unemployment rate has skyrocketed by 35% in Nigeria in 2021 only. My country is densely populated, yet job opportunities are scarce. These two factors limit growth and economic development in my country. I believe taking this program will be my ticket to achieving my childhood dreams, rising above the poverty line, and improving my family’s living standards.
I am excited to begin my studies at your earliest convenience. Joining this institution and being part of the Business and Economics faculty will help me achieve my career goals appropriately. I am committed to using my current and gained knowledge constructively to contribute and improve the Business department and impact my peers positively. If accepted, I will work extremely hard and become a prominent ambassador for the university. I highly appreciate your consideration and hope to hear from you soon. In case of any questions or additional information regarding my academic qualifications and application, please feel free to reach out through my email @gmail.com.
Sincerely,
Name
conflict is frustrating
Student’s Name
Instructor’s Name
Course Tittle
Date
In any particular setting, conflict is frustrating and not comfortable at all. Most people have wishes of living in a universe of totally peaceful agreement and compliance. Conflict at places of work can be avoided like the plague, but in some ways, it can still catch up with an individual either a customer or a fellow colleague. At that particular point is when a person must make a choice on the way to approach the conflict. Learning management and methods to handle angry clients or colleagues is especially important to staff at the workplace. It’s not usual to have a particular style of conflict management that is generalized in all circumstances. People judge every conflict individually and make a choice of the best method to take care of it.
Essentially there are five styles of conflict management, including; obliging or accommodating, which is a style that abandons the desires or needs in exchange for others. It is the same as putting the concerns of the other ahead of your own. This method usually occurs when an individual gives in or is convinced to give in (Ayub, 15). According to my personal experience, there was a long queue in the store, and the front client was demanding a refund of a product that she bought some months back after a return policy. Due to the client’s stubborn nature, I opted to refund her. The other clients thought that I did a great customer service and no sale was lost.
Avoiding a conflict is a style that totally escapes the disagreement. Someone cannot pursue your beliefs nor those of the parties involved. Basically, someone would constantly delay or totally dodge the skirmish every time it occurs. An example is when a customer claims that a product is broken when in reality, I know it is not; there is no need to argue with the client over the issue. To avoid all that, I will just take the client through the troubleshooting process, and it will work. That way, I will have avoided a lot of troubles at the workplace, and the client will realize that he was doing the wrong thing. Compromising is another style that tries to get an answer that will at least partly satisfy all parties. For example, a customer walks in at your place of work when it’s closing time and orders a huge package that may take some time to deliver, say, pizza. The client is supposed to be upset, but because of that situation, I can urge him/her to sympathize with us because we were about to clocking out and be a bit patient as we work on the order.
Integrating or collaborating is a style that tries to get an answer that may fulfill the requirement of every party. Instead of attempting to get to a middle ground resolution, one opts to target for an answer that actually contents everybody, and at the ends, it goes to be a win-win state (Upadhyay, 6). A real-life example is of HubSpot Ideas forum; it’s a site that functions as an open platform where customers can propose fresh ideas for Hub Spot items. After that, the developers will pick the best ideas for its development, ultimately ending up be a win-win situation for all. Dominating, it’s a style that takes a stable stance and doesn’t agree to witness the other parties’ perspectives. For instance, a frustrated client comes into the workplace and starts to insult other clients for no reason. The client even tries to harm others in this type of conflict; the best action to take is to compete with the client and take him out of premises to avoid damages.
Woks Cited
Ayub, Nailah, et al. “Personality traits and conflict management styles in predicting job performance and conflict.” International Journal of Conflict Management (2017).
Upadhyay, Divya. “Consideration of Future Consequences and Decision-Making Patterns as Determinants of Conflict Management Styles.” IIMB Management Review (2021).
Data-Exercise-2 Unemployment Rate
Data Exercise 2Insert Name
ECON 201Insert Date
Submitted to: Professor Data Exercise 2Unemployment Rate
Unemployment rate is the total number of labor force that is currently unemployed, or those who do not have a job currently but are actively seeking for employment and are willing to work. Since 1948, the unemployment rate in the United States has been fluctuating from as low as 2.5 percent to about 10.8 percent (Lazear & Spletzer, 2012). The average value of unemployment has been about 5.6 percent. The rate of unemployment can be calculated as seen in the equation below.
Unemployment= (unemployed people/Total labor force)*100%
During the year 2012, more than 63% of all adults were in the labor force; either employed or unemployed. During 2012, the exact percentage of the adults who were in the labor force was 63.7 percent. Unemployment rate accounts for only those who are not employed and are actively seeking for a job. There are those who are not working and are not seeking employment. These are considered to be out of labor force. A significant number of United States’ population is out of the labor force.
In 2012, among the total number of people aged 16 years and above, 243.2 million, only 154.9 are in the labor force and among them, 142.4 million are employed. The unemployed in 2012 were 12.5 million. This meant that the remaining population, about 88.3 million were out of labor force according to the bureau of labor statistics.
The rate of unemployment keeps on fluctuating but never goes to zero. It is in rare cases where the rate can go below 3 percent. It only stays low for a very short duration then goes up again. The timing of the rising and falling of unemployment in most cases matches the timing of the upswings and downswings of the overall economy. It is almost obvious that during depression and recession, the rate of unemployment is high while during the growth period of the economy, the unemployment rate is lower. There is no significant upward or downward trend in unemployment is apparent.
Unemployment rates have also been mapped in terms of ethnic groups. Although unemployment has been fluctuating for all the groups in United States, some groups have experienced more unemployment rates than others. The plots of the unemployment rates for all the groups have been proportional although always, the whites have been experiencing the lowest rates of unemployment, followed by Hispanics and the Blacks have had the highest rates of unemployment.
Also, when analyzed in terms of gender, inflation rates tend to be higher for women than for men. Also in terms of age, the younger suffer more unemployment rates with the middle-aged having lower unemployment rates.
There are other ways in which unemployment can be analyzed. They include the reasons for unemployment, and length of time.
Various types of unemployment exist. They include the following:
Cyclic unemployment
This is unemployment variations which are caused by the economy going from expansion to recession or recession to expansion. This is caused by the business cycle.
Long run or Natural rate of Unemployment
This is the unemployment rate which will result from the combination of economic, social and political factors at a time assuming that the economy was neither in recession or boom
Frictional Unemployment
This is a rate of unemployment caused by people moving from one job to another. The number of job seekers might be equal to the number of vacancies in an economy but it takes some time to find a new job and also, time is required for interviews. This is the reason for frictional unemployment.
Structural Unemployment
This is unemployment resulting from the people who are considered to lack skills applicable in the labor market either because of demand shifts away from their skills or because they have never learnt any skills.
Inflation Rate
This is the general and continuous rise of the level of prices in the economy in general. Inflation means that there is pressure for all prices to increase in most markets in the economy. Inflation rates in most countries around the world have had similar patterns of inflation although the rates have been varied for these countries. For instance, the patterns of inflation for the United States, Japan, Germany and the United Kingdom have been similar. Inflation rates vary greatly in different countries. Countries with controlled economies show lower levels of inflation even in recession. This is because the law does not allow increase in prices.
In the United States, the rate of inflation has been fluctuating so much. In 2004, the rate was 3.3 percent. In 2005 it went to 3.4 percent while in 2006, it dropped to 2.5 percent. It shot to 4.1 in 2007 but dropped to 0.1 percent in 2008. In the year 2009, the rate moved up to 2.7 percent. The rate went down in 2010 to 1.5 but it doubled in 2011 to 3 percent. In recent years, that is, from 2012 up to December 2014, the rate has been going down. In 2012, the rate was 1.7 percent. It went down in 2013 to 1.5 percent and eventually in 2014, it was 0.8 percent. The chart below shows the rates of inflation since 2004 up to 2014. In history, countries such as Brazil and Russia have been hit hard by inflation. For example, in 1999, the inflation rate of Brazil went past 80 percent. Slow inflation has been having benefits to the economy but hyperinflation has had adverse effects on the economies. Low inflation has been having better results in the economy than deflation which has always caused very severe recessions.
CPI, PPI and GDP Deflator
CPI
CPI is the acronym of Consumer Price Index. It is a measure for the examination of the average of prices of a basket of consumer goods and services such as transport, food and medical care. Calculation of the Consumer Price Index is done through taking the price changes for each predetermined basket of goods and averaging them. Two types of consumer price index statistics are measured by the Bureau of Labor Statistics. These are: CPI for urban wage earners and cleric workers (CPI-W), and the chained CPI for all urban consumers. (C-CPI-U). C-CPI-U better represents the general public. This is because it accounts for more than 80 percent of the whole population. It is a useful tool in the identification of periods of inflation and deflation. If CPI increases rapidly, this shows there is inflation. If a large drop in CPI is recorded within a short time, then this shows that there is deflation (Bureau of Labor Statistics, 2013).
PPI
This is an acronym for Producer Price Index. These are indexes that measure the changes of selling prices which are received by domestic producers of goods and services over time. This is a measure of price changes in the producers’ perspective (Bureau of Labor Statistics, 2013). The Producer Price Index looks at three areas of production. They include: Industry-based, commodity-based and stage-of-processing-based companies.
GDP Deflator
The Gross Domestic Product deflator is an index which is measured by Bureau of Economic Analysis (Feenstra, Mandel, Reinsdorf & Slaughter, 2013). This is a price index which includes all the components of GDP; that is consumption plus government expenditure plus investment plus exports minus imports. This index is not fixed like the Consumer Price Index. It can be re-calculated using the base-year’s prices.
References
Bureau of Labor Statistics (2013). Overview of BLS statistics on inflation and prices. Retrieved from: http://www.bls.gov/ on: 14th February, 2015.
Feenstra, R. C., Mandel, B. R., Reinsdorf, M. B., & Slaughter, M. J. (2013). Effects of terms of trade gains and tariff changes on the measurement of US productivity growth. American Economic Journal: Economic Policy, 5(1), 59-93.
Lazear, E. P., & Spletzer, J. R. (2012). The United States labor market: Status quo or a new normal? (No. w18386). National Bureau of Economic Research.