Sarah Darley
ECON 204
Gebhardt
Assignment 1
Part 1: The Gross State Product (GSP) in California in 2012 was $2,125,717 million, which then increased to $2,202,678 million in 2013. The change in GSP for the state of California was increased by $76,961 million between these two years. Compared to Colorado, the GSP of California is extremely high. In 2013, Colorado had a GSP of $294,443 million, while California had a GSP of $2,202,678 million. The per capita relationship between these two states is similar, with California having a higher GSP per capita than Colorado. While Colorado had GSP per capita of $50,812 and $51,956 in 2012 and 2013 respectively, California was at a GSP per capita of $52,835 and $53,497. These differences in GDP and …show more content…
Compared to Denver, Colorado with a salary of $50,000, living in Riverside City, California would have a necessary comparable salary of $53,817. Despite the salary being high, California residents do not have more disposable income than residents of Colorado due to their expenses being higher as well. Groceries in California are 16% more expensive than in Colorado; transport is 14% more expensive, utilities 13%, and housing 9%. The healthcare in both states is the same, though. The differences in grocery prices between California and Colorado may be due to California not being able to produce as many goods as Colorado, and must import them from elsewhere. Transport and utility prices may be high in an attempt to convince people to use less energy and carpool or use public transport more. Housing may be higher if renters and land owners believe areas are more desirable, which would cause them to increase their prices of renting or selling to an individual. Healthcare is the same between the two states, which could be because healthcare is more nationally monitored than any of the other factors, and therefore has little change …show more content…
A manufacturing company that uses machines instead of people for production can potentially increase the company’s profits. These profits come from not having to pay as many wages for people to make the product, as well as the machines being more productive and able to make more of the product in a given time period that people. The same can be said of the finance and insurance fields; both of these are becoming more and more readily available online, which requires fewer workers to maintain. The reverse can be said of the areas with the most growth. Educators and health providers will always be a necessity, so there will most likely always be job opportunities in those fields. Although online learning is becoming more widely accepted, educators are still needed to keep those sources up to date, as well as give the option of the traditional classroom setting, especially for lower grades and small children. And even though one can find many health related help online, the only way to truly know if you have a medical condition is to go to a health
ECON 204
Gebhardt
Assignment 1
Part 1: The Gross State Product (GSP) in California in 2012 was $2,125,717 million, which then increased to $2,202,678 million in 2013. The change in GSP for the state of California was increased by $76,961 million between these two years. Compared to Colorado, the GSP of California is extremely high. In 2013, Colorado had a GSP of $294,443 million, while California had a GSP of $2,202,678 million. The per capita relationship between these two states is similar, with California having a higher GSP per capita than Colorado. While Colorado had GSP per capita of $50,812 and $51,956 in 2012 and 2013 respectively, California was at a GSP per capita of $52,835 and $53,497. These differences in GDP and …show more content…
Compared to Denver, Colorado with a salary of $50,000, living in Riverside City, California would have a necessary comparable salary of $53,817. Despite the salary being high, California residents do not have more disposable income than residents of Colorado due to their expenses being higher as well. Groceries in California are 16% more expensive than in Colorado; transport is 14% more expensive, utilities 13%, and housing 9%. The healthcare in both states is the same, though. The differences in grocery prices between California and Colorado may be due to California not being able to produce as many goods as Colorado, and must import them from elsewhere. Transport and utility prices may be high in an attempt to convince people to use less energy and carpool or use public transport more. Housing may be higher if renters and land owners believe areas are more desirable, which would cause them to increase their prices of renting or selling to an individual. Healthcare is the same between the two states, which could be because healthcare is more nationally monitored than any of the other factors, and therefore has little change …show more content…
A manufacturing company that uses machines instead of people for production can potentially increase the company’s profits. These profits come from not having to pay as many wages for people to make the product, as well as the machines being more productive and able to make more of the product in a given time period that people. The same can be said of the finance and insurance fields; both of these are becoming more and more readily available online, which requires fewer workers to maintain. The reverse can be said of the areas with the most growth. Educators and health providers will always be a necessity, so there will most likely always be job opportunities in those fields. Although online learning is becoming more widely accepted, educators are still needed to keep those sources up to date, as well as give the option of the traditional classroom setting, especially for lower grades and small children. And even though one can find many health related help online, the only way to truly know if you have a medical condition is to go to a health