a) Reason for the increase in high skilled

Throughout the world, there has been an increasing demand for skilled labor due to the increase in the complexity of communication and the non-cognitive tasks. On the other hand, there is a decline in the routine and manual skills required. The skills requiring experts and the incentive thinking are sought due to the increase in the need for the analytical and interactive skills.

The demand for the skilled labor is going to increase dramatically in the next 10 years due to the evolution in the labor markets; at the heart of the major changes of employment throughout all the regions. There is an increase in the expansion of industry and a significant shift from the agricultural sector jobs which need less experience to the service sector industries, greatest impact in, which need more attention and skills.

b) Discuss how the economy dictates college job prospects and analyze the relationship between wage rate and college education.

The economy dictates college job prospects in that in a stable economy, there is more employment and the remuneration packages for the employers is high. The more qualifications and the individual have from the college education the more the wages.

2. GDP and GNP

a) The four components of GDP had the greatest impact in the economy

The four components of the economy are the consumption, investment, and government spending and the net exports of the products. The higher rate of these four components of the gross domestic products increases the revenues of an economy.

b) Should we care more about the growth of nominal GDP or real GDP?

We should care more on the Nominal Gross Domestic product as it measures the overall value of all the goods and services produced in the current prices, unlike the real gross domestic product, which measure the values of the goods and other services expressed as the prices of the same base year.

3. Unemployment and Inflation

a) The different types of unemployment

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There are two different forms of unemployment, which is the voluntary, and the involuntary forms of unemployment. The voluntary form of unemployment an individual is willing to voluntary leave their employment while the involuntary form of unemployment is the situation where people are laid off from work.  When the economy of a country is under recess, the employees are encouraged to resign from their jobs.

b) Inflation rates in Japan

There is an increase in the reduction in the value or money in Japan, which has increased the cost of living. The supply for money in the country grows faster than the production of goods and services in the country.  The high inflation in Japan hassled to the decline in the economy which has become less appealing for the foreign investors.

4. Economic Growth

Explain the convergence theory

The convergence theory in the history of the entire social states that all the industrial systems whether they are the capitalistic or the communist systems. They have the chance to converge their social, political and their economic systems due to the determination system. The convergence theorist believes that the world is entering the era of completion in industrialization. This theory ensures that the social developments result in the definite changes, in social institutions.

b) U.S. income per person today compared to the historical period

The level of income and consumer price index has changed significantly in over the historical period. The changes in the consumer price index of the standard packaging of goods and services purchased by the American households have increased the consumption. For effective evaluation of the changes in the prices of it is vital to assess the rise of the consumer price index over the historical period. The consumer price index of the recent years has increased compared to the historical periods. Goods are more expensive, and the rate of income has increased, which has increased the prices of commodities.

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