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Eco 372 Week 2 Reflection

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Learning Team A Reflection
There are many databases to research historical economic data and forecast future economic data. This week’s topics help understand the data we are looking at which once understood can help us improve the economic future within our country. Understanding our strengths and weaknesses will also help us find economic data to improve the economy.
The Federal Reserve Economic Data, also known as FRED, is a resource for historical economic data. FRED is an online database with thousands of economic data from different resources. It is maintained by the Research Department at the Federal Reserve Bank of St. Louise. FRED combines data with other tools that help users understand, interact and display the data. This is important because the data can become overwhelming and difficult to comprehend. (“Economic Research-Federal Reserve Bank of St. Louis”. n.d). The Bureau of Economic Analysis (BEA) provides independent budget analysis, conducts objectives impartial to analysis and economic issues to support congressional budget process. The BEA is another possible resource it contains a large amount of valuable information in one place. Using the National, International, Regional, Industry, Integrated Accounts all include national income and product accounts (NIPAs), and the gross domestic product to complete an accurate economic forecast (U.S. Bureau of Economic Analysis 2012).
The Gross Domestic Product (GDP) is one resource when forecasting economic data. This is the overall dollar amount of goods and product that was produced in the country within a period of time. The quantitative and qualitative factors are the faster money moves in the country the GDP will increase production which also increases quantities of product. Looking at the unemployment rate is also a resource to forecasting economic data. If the unemployment rate is high, the

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