Part 1
See course project
Part 2 complete discussion
Is Economics a social science? Please justify your position by explaining what is the study of economics.
Additionally, does microeconomic or macroeconomic activity have a bigger impact on prices in your opinion and why?
Part 3 reply to discussion
Greetings Prof. Frazier and Classmates,
Is Economics a Social Science?
Yes, economics is a social science. It studies how people, companies, and governments decide to use their limited resources to fulfill their needs and wants. Economics looks at the choices these groups make and how these choices affect the creation, distribution, and consumption of goods and services. It also examines how people respond to incentives and how markets operate (Schiller & Gebhardt, 2020).
Microeconomic vs. Macroeconomic Activity Impact on Prices
Based on our readings this week, microeconomics focuses on individual consumers and businesses. It analyzes how they decide what to buy and sell, and at what prices. Factors like supply and demand, the costs of producing goods, and competition directly influence prices within specific markets. For example, if a product becomes very popular but there aren’t enough of it, the price will likely go up (Schiller & Gebhardt, 2020).
Macroeconomics looks at the economy as a whole. It studies broad factors like national income, inflation, and unemployment. Policies that affect the entire economy, such as changes in interest rates or government spending, influence the overall level of prices. For instance, if the government spends more money to boost the economy, it can lead to higher prices for many goods and services because more people are buying them (Schiller & Gebhardt, 2020).
Both microeconomic and macroeconomic activities affect prices, but they do so in different ways. Microeconomic activities impact prices in specific markets, while macroeconomic activities affect the general price level throughout the economy. Overall, macroeconomic activity has a bigger impact on prices because it influences the wider economic environment, affecting prices across all sectors.
Part 4 reply to discussion
Is Economics a social science? Please justify your position by explaining what is the study of economics. Additionally, does microeconomic or macroeconomic activity have a bigger impact on prices in your opinion and why?
Yes, Economics is a social science. Economics studies how goods and services are produced, distributed throughout the economy, and consumed by individuals and businesses. Economics is also concerned with how governments and businesses allocate resources to satisfy the wants and needs of consumers. Economics plays into every decision you make, no matter how small it may seem. (Peters, 2023)
Microeconomicsvs. Macroeconomics
Microeconomics is the study of decisions made by people and businesses regarding the allocation of resources, and prices at which they trade goods and services. It considers taxes, regulations, and government legislation. Microeconomics focuses on supply and demand and other forces that determine price levels in the economy and tries to understand human choices, decisions, and the allocation of resources.
Macroeconomics, on the other hand, studies the behavior of a country and how its policies impact the economy as a whole. It analyzes entire industries and economies, rather than individuals or specific companies. (Team, 2023)
Additionally, does microeconomic or macroeconomic activity have a bigger impact on prices in your opinion and why?
Microeconomics is impactful on individual level whereas Macroeconomics focuses on the bigger impacts on economy. While the two are very different, both impact each other. They both impact prices differently but on a different scale. Macroeconomics activities have an impact on the economy as a whole, like inflation and unemployment, macroeconomics emphasizes the broad trends that have global implications. Microeconomics activities focus on smaller concerns that involve individual people, families, or entities. Overall, macroeconomic activity has a bigger impact on prices because it affects the bigger economic environment, influencing prices globally. (Central Michigan University, 2023)
Part 5 complete discussion
There are four types of unemployment discussed in our textbook. Please define at least one type and provide an example of this type of unemployment. Please try to provide unique examples rather than just repeating an example of another student.
Part 6 reply to discussion
Greetings Prof. Frazier and Classmates,
Based on our reading this week, I would like to discuss one of the types of unemployment which is frictional unemployment. This is when people are between jobs for a short time. It happens because it takes a bit of time to find the right job. This can be when someone finishes school and is looking for their first job, or when someone leaves a job to find a better one. It’s like a natural part of the job search process.
It’s important because it helps people find jobs that fit them better and allows the economy to adjust to changes. For example, someone might need time to find a job that matches their skills and interests. This type of unemployment is usually temporary and can even be a good thing because it means people are looking for better opportunities.
An example of this could be one of our classmates, who is in a degree program like many of us or graduating from their specific program college and is looking for their first job or start their career. They would have to send out resumes, going to interviews, and waiting to hear back from potential employers. During this time, they are technically unemployed because they don’t have a job yet, but they are actively searching for one. Once they find a job, they won’t be frictionally unemployed anymore.
Part 7 reply to discussion
There are four types of unemployment discussed in our textbook. Please define at least one type and provide an example of this type of unemployment. Please try to provide unique examples rather than just repeating an example of another student.
The unemployment I chose to discuss is Structural Unemployment. Structural unemployment is long-lasting unemployment that comes about due to shifts in an economy. This type of unemployment happens because though jobs are available, there’s a mismatch between what companies need and what available workers offer. One of the primary causes of structural unemployment is technological changes. As industries move from one process to another and harness technological capabilities, many jobs and roles become obsolete. Structural Unemployment is a more severe form of unemployment compared to the other types of unemployment. (Kenton, 2023)
Structural unemployment may be caused by poor training or a lack of education programs. As workers get replaced by more efficient processes, workers must adapt by learning new business practices. Should they fail to do so, they may perpetuate structural unemployment by not having an appropriate skillset. For example, everyday technology is advancing and evolving globally in the economy, workers on the job who do not continually learn or professionally develop themselves, are more at-risk of not having the skillset needed and can become structurally unemployed. (Kenton, 2023)
An example of structurally unemployment can be if a person works for a clothing manufacturing factory and does the work manually and professionally every day. Then one day, the factory decides to purchase a specialized machine that improves the clothing production process. This technological machine increases production efficiency on a daily basis and allow the factory to increase their profits. This machine replaces the worker since they lack the necessary skills; therefore, the worker becomes structurally unemployed.
ACCT500: Course Project
Requirement
1
2
3
There are also hints contained within certain cells on some of the Worksheet tabs.
You can hover over the red pointer at the top right-hand corner of the cell to read the
Hints are provided for the following balances:
1) The debits for the journal entries are on the Journal Entries tab.
2) The credits for the journal entries are on the Journal Entries tab.
3) The cash balance is on the General Ledger tab.
4) The debits for the trial balance are on the Trial Balance tab.
5) The credits for the trial balance are on the Trial Balance tab.
ACCT500: Course Project
Requirement Description
Prepare the Journal Entries in the General Journal
Post Journal Entries to the General Ledger
Prepare a Trial Balance
so hints contained within certain cells on some of the Worksheet tabs.
er over the red pointer at the top right-hand corner of the cell to read the hint.
ded for the following balances:
or the journal entries are on the Journal Entries tab.
or the journal entries are on the Journal Entries tab.
lance is on the General Ledger tab.
or the trial balance are on the Trial Balance tab.
or the trial balance are on the Trial Balance tab.
Worksheet Name
1 – Journal Entries
2 – General Ledger
3 – Trial Balance
rksheet tabs.
cell to read the hint.
During its first month of operation, the Plumbing Repair Company, which, specializes in
plumbing repair services, completed the following transactions.
September Transactions
Date
September 1
Transaction Description
Started a plumbing repair business by making a $100,000
deposit in a company bank account, in exchange for 20,000
shares of $5 par value common stock.
September 1
September 2
Purchased insurance for the year and paid $3,000 cash.
Paid monthly rent with $3,500 cash on a warehouse to store the
plumbing equipment.
September 5
Purchased plumbing equipment for $25,000, making a $5,000
down payment and placing $20,000 on account.
September 6
September 7
September 10
September 12
Purchased supplies for $2,000 on account.
Paid $750 cash for advertising in local newspapers.
Received $15,000 in cash for plumbing services provided.
Paid $5,000 for plumbing equipment previously purchased on
account on September 5th.
September 15
September 23
September 25
Provided plumbing services on account for $2,500.
Received $22,000 in cash for plumbing services provided.
Received $1,500 cash for plumbing services performed on
account on September 15th.
September 28
September 30
September 30
September 30
Paid $500 cash for a utility bill.
Paid cash dividends of $1,000.
One month’s insurance expired.
The inventory of supplies showed a balance of $1,200 on hand
at the end of the month.
Use the following account descriptions for journal entries.
Chart of Accounts
Account Type
Assets
Account
Number
Account Title
Normal Balance
111
115
117
119
144
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Debit
Debit
Debit
Debit
Debit
212
Accounts Payable
Credit
311
313
Common Stock
Dividends
Credit
Debit
411
Service Revenue
Credit
510
511
512
514
517
Insurance Expense
Rent Expense
Advertising Expense
Supplies Expense
Utility Expense
Debit
Debit
Debit
Debit
Debit
Liabilities
Stockholders Equity
Revenue
Expenses
Journal Entries
REQUIREMENT #1: Prepare journal entries to record the September transactions in the General Journal
below. Remember that Debits must equal Credits—All of your Journal Entries should balance.
General Journal
Date
Account
Number from
Chart of
Accounts tab
Account Title from Chart of Accounts tab
Debit
Journal Entries
Journal Entries
e General Journal
balance.
Credit
Journal Entries
REQUIREMENT #2: Post the September journal entries to the following T-Accounts and compute e
balances.
Date
Cash (111)
Accounts Receivable (115)
Supplies (117)
Prepaid Insurance (119)
Equipment (144)
Date
Accounts Payable (212)
Common Stock (311)
Dividends (313)
ollowing T-Accounts and compute ending
Service Revenue (411)
Insurance Expense (510)
Rent Expense (511)
Advertising Expense (512)
Supplies Expense (514)
Utility Expense (517)
Journal Entries
REQUIREMENT #3: Prepare a trial balance for September in the space below.
Account
Number
The Plumbing Repair Company
Trial Balance
September 30
Account
Title
Balance
Debit
Credit
Journal Entries
NAME
Course Project Grading Rubric
Excellent
Good
Step 1
—Journal Entries
Journal entries use
Journal entries mostly use
accurate accounts and accurate accounts and
amounts; and debits and amounts; and debits and
credits are used correctly. credits are used correctly.
Step 1 Grading Scale
Step 2 Ledger Posting
and Balancing
45-40
Posting is done in the
correct accounts and at
the correct side (Dr./Cr.)
and balances are
correct.
39-35
Posting is done mostly in
the correct accounts and
mostly at the correct
side(Dr./Cr.) and balances
are mostly correct.
Step 2 Grading Scale
Step 3 – Unadjusted Trial
Balance
45-40
Accounts are listed
correctly and in the
proper order leading to
an accurate trial
balance.
39-35
Most accounts are listed
correctly leading to a
mostly correct trial
balance.
Step 3 Grading Scale
30-27
26-24
Points
Available
Fair
Poor
Unacceptable
Journal entries have some
errors in use of accounts
and amounts; and debits
and credits are only
somewhat used correctly.
Journal entries have some
errors in use of accounts
and amounts; and debits
and credits are not used
correctly.
The submission does
not meet this
requirement.
34-30
Posting has errors with
incorrect accounts and
incorrect debits/credits
and incorrect balances.
29-25
Listing of accounts is mostly
incorrect with most
incorrect accounts and
incorrect Dr./Cr. Most
ledger balances are
incorrect.
24-0
The submission does
not meet this
requirement, or
posting is not done at
all.
45
34-30
Listing of accounts has
several errors leading to
incorrect trial balance.
29-25
Listing of accounts is done
poorly or not at all, leading
to inaccurate or no trial
balance.
24-0
The submission does
not meet this
requirement.
45
20-18
17-0
30
120
23-21
Your Points
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