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Columbres, A.ReflectionPaper - Econ13

1) The student learned about how GDP, inflation, productivity, and unemployment are calculated and impacted by economic crises like the current pandemic. GDP falls when output decreases, inflation can be evaluated over time, and unemployment rises as firms cut jobs. 2) The concepts of productivity, the market for loanable funds, and who is considered unemployed were also covered. Productivity impacts firms' ability to stay open, interest rates rise as savings decrease, and those temporarily laid off are still considered unemployed. 3) Macroeconomics lessons like measuring wealth through GDP and understanding inflation and unemployment will help the student in future business and management roles to make good decisions around demand, supply, and how policies impact productivity.

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Audee Columbres
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68 views

Columbres, A.ReflectionPaper - Econ13

1) The student learned about how GDP, inflation, productivity, and unemployment are calculated and impacted by economic crises like the current pandemic. GDP falls when output decreases, inflation can be evaluated over time, and unemployment rises as firms cut jobs. 2) The concepts of productivity, the market for loanable funds, and who is considered unemployed were also covered. Productivity impacts firms' ability to stay open, interest rates rise as savings decrease, and those temporarily laid off are still considered unemployed. 3) Macroeconomics lessons like measuring wealth through GDP and understanding inflation and unemployment will help the student in future business and management roles to make good decisions around demand, supply, and how policies impact productivity.

Uploaded by

Audee Columbres
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Columbres , Audee Jude S.

Block 21/ Econ 13

Reflection Paper

As the Philippines suffer from crisis I cannot only predict the overall economy by looking on their
GDP by adding total expenditures of households or their income. As a logic GDP falls, because final
goods and services produced in our country decrease within this year so the market value falls (decrease
exports, consumption and investment). I also learn to calculate the difference of prices due to changes
using GDP Deflator and the Inflation rate. I also learned that good GDP means greater opportunities to
decrease poverty. Another thing that I learned is to evaluate if prices are higher today or not. To do this I
will look at the dollar figures from different times by calculating the price of a goods today in the past
with the prevailing interest rate and vice versa. This was very helpful especially now that we have a
pandemic and shortage of goods. I am very thankful to this lesson, because I can evaluate correctly if
increased prices really affects purchasing power. Though there are some factors affecting purchasing
power.

I also understand why many establishment will struggle by using the concept of productivity,
because firms are forced to lay off some of their workforce “Human Capital” will decreased and
unemployment increases. A higher productivity is a must. I also learned that productivity will also
depend on health and nutrition of employees as believed that the healthier worker is more productive.
In terms of market for loanable funds, savings will decrease since people will demand more or borrow
funds for their specific purposes as a result the interest rate increases to attract individuals to deposit in
financial systems and intermediaries. While depositing in financial system it is important to see the
future value of your principal money with the prevailing interest rate to have better decisions. One of
the lessons that I learned and will not forget for the rest of my life is the determination of unemployed
workforce. Not in the labor force are those students, part time employees and people who are finding a
work in the last 4 weeks and unwilling to work. So the employees that have been laid off and now willing
to work again will not be included in the workforce.

Again I am very thankful that I learned a lot of lessons in this subject. Macroeconomics will help
a lot not only for those economic track students but for all future businessmen and businesswomen,
because Macroeconomics is linked with finance, accounting and other aspects of business. Because of
this subject I learned to understand how the economy’s wealth is measured like the GDP and CPI. I
become more knowledgeable about inflation and unemployment. Macroeconomics will help me make
the right decision when I become a manager or CEO or even I establish my own business by determining
the demands and supply of goods that I will popularized. And lastly the effect of tax cuts and tax
increase to the performance or productivity of my workers. I credit all of these learning to God and our
very dedicated professor who always answer our questions Maam Genela Ira Payumo. Our economic
status will fall for this year and may effect following years but we expect an economic recovery by a
sustained period of improving business activity that will result in an increased GDP, income and
decreased umempolyment.

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