Gross Domestic Product (GDP) vs Unemployment (U3 Measures)

Your objective is to compare two related economic variables and see if you can identify a relationship between them. You should first look at the variables separately, then in relationship to each other.

1. You will select two related economic variables that you have studied during the relevant weeks. Gross Domestic Product vs Unemployment (U3- Total unemployed, as a percent of the civilian labor force (official unemployment rate)
2. Find appropriate data on both variables;
3. Present that data in a clear graphic or tabular form (or both if appropriate);
4. Explain what the data shows – discuss/explain the data;
5. Explain what the data means – give meaning to what the data shows; and.
6. And explain why it matters – what is the economic importance or usefulness of what you found in your data analysis and discussion.

Points 4 and 5 initially seem to be about the same thing and they are close in meaning. Point 4 is the process of walking the reader through the data presented in the table or graphic. Point 5 is explaining to the reader what that data means. In other words, tell the reader what the data is and explain what it means. Remember this is a process of giving meaning to data. Standing alone, data is just numbers. Your task is to give those numbers a context and a meaning that converts numbers into information.

• You have to have real-world data; i.e., numbers;
• You have to have citations in the body of your report;
• Tables and graphics need a citation immediately following the table or graphic, if you create the table or graphic then the citation is to the source of the data; and, then the citation is to the source of the data; and,
• You need references at the end of the report.

Please use book as reference as well.