Focus on the Consumption of Goods and Services

This assignment provides instructions on building the graph below and includes writing prompts for out-of-class assignments.

Using GeoFRED® to Compare Per Capita Personal Consumption Expenditures

This assignment provides instructions on creating the maps below and suggests prompts for in-class discussion. See how you do on our sample discussion question below.

Click on the map above to view an interactive version.
Question: Name two states where per capita consumption of goods exceeded $15,000 a year in 2019. Don’t overlook Alaska and Hawaii!

Again, click on the map above to view an interactive version
Question: Name two states where per capita consumption of services exceeded $40,000 a year in 2019. Don’t overlook Alaska and Hawaii!

Learning About the Economics of Consumption to Forecast Changes in Gross Domestic Product

In the fourth quarter of 2020, real gross domestic product increased. Read on for more details and a list of resources to become a better FREDcast forecaster.

BEA Headline:

According to the Bureau of Economic Analysis, “Real gross domestic product (GDP) increased at an annual rate of 4.0 percent in the fourth quarter of 2020.”

Release Highlight:

“The increase in real GDP reflected increases in…personal consumption expenditures (PCE).”
https://www.bea.gov/news/2021/gross-domestic-product-4th-quarter-and-year-2020-advance-estimate

Resources to become a better FREDcast forecaster:

• Page One Economics: “Smoothing the Path: Balancing Debt, Income, and Saving for the Future.“
• Page One Economics: “Consumer Spending and the COVID-19 Pandemic.“
• Economic Synopses: “The Effects of Wealth Bubbles on Consumption.“
• FRED Blog: “Consumption of goods and services during the COVID-19 recession.“

Quiz Yourself on the Economics of Consumption

Q1. As of 2020, which is the largest category of real personal consumption expenditures?

Q2. As of 2020, which is the smallest category of real personal consumption expenditures?

Q1. As of 2020, which is the largest category of real personal consumption expenditures on services?

Q2. As of 2020, which is the smallest category of real personal consumption expenditures on services?

Q1. As of 2019, what percentage of each dollar spent in education and recreation services is for recreation?

Q2. As of 2002, what percentage of each dollar spent in education and recreation services is for recreation?

Now that you’ve aced this quiz, give it to your students using this dashboard. To customize this dashboard, just click the “Save to My Account” button at the top of the dashboard.

Focus on Employment Changes Across Educational Attainment Groups

This assignment provides instructions on building the graph below and includes writing prompts for out-of-class assignments.

Using GeoFRED® to Compare Educational Attainment and Unemployment Rates

This assignment provides instructions on creating the maps below and suggests prompts for in-class discussion. See how you do on our sample discussion question below.

Click on the map above to view an interactive version.

Again, click on the map above to view an interactive version
Question: Compare both maps. What differences or similarities do you see between educational attainment and unemployment across geographical areas in the U.S.?

Learning About the Economics of Education to Forecast Changes in Payroll Employment

In December 2020, the total number of workers on payrolls decreased. Read on for more details and a list of resources to become a better FREDcast forecaster.

BLS Headline:

According to the Bureau of Labor Statistics, “Total nonfarm payroll employment declined by 140,000 in December (2020).”

The Economics Daily:

“In 2018, 31 percent of Blacks in the labor force had earned a bachelor’s degree and higher, compared with 16 percent in 1992”
https://www.bls.gov/opub/ted/2019/rising-educational-attainment-among-blacks-or-african-americans-in-the-labor-force-1992-to-2018.htm

Resources to become a better FREDcast forecaster:

• Page One Economics: “Education, Income, and Wealth“
• Economic Synopses: “Location and the Return to Education“
• Economic Synopses: “The Effects of Education on Health“
• Page One Economics®: “Get an Education, Even if It Means Borrowing“

Quiz Yourself on the Economics of Education

Q1. As of the second quarter of 2020, which population group had the second-highest median weekly income level?

Q2. As of the second quarter of 2020, which population group had the lowest median weekly income level?

Q1. As of November 2020, which population group had the lowest participation rate in the civilian labor force?

Q2. As of November 2020, which population group had the highest participation rate in the civilian labor force?

Q1. Between 2000 and 2020, which population groups had the most constant unemployment rates?

Q2. Between 2000 and 2020, which population groups experienced the largest changes in unemployment rates?

Now that you’ve aced this quiz, give it to your students using this dashboard. To customize this dashboard, just click the “Save to My Account” button at the top of the dashboard.

Focus on Traveled Miles

This assignment provides instructions on building the graph below and includes writing prompts for out-of-class assignments.

Using GeoFRED® to Compare Mean Commuting Time for Workers

This assignment provides instructions on creating the map below and suggests prompts for in-class discussion. See how you do on our sample discussion question below.

Click on the map above to view an interactive version
Question: In 2018, which of these two counties reported longer mean commuting times for workers: Cook County, IL (home to the City of Chicago) or Los Angeles County, CA (home to the City of Los Angeles)?

Learning About the Economics of Travel to Forecast Changes in Gross Domestic Product

Travel and tourism contribute to gross domestic product (GDP). Read on for more details and a list of resources to become a better FREDcast forecaster.

BEA Headline:

According to the Bureau of Economic Analysis, “The U.S. outdoor recreation economy accounted for 2.2 percent ($427.2 billion) of current-dollar gross domestic product (GDP) in 2017.”

Release Highlight:

“Total tourism-related nominal output increased to $1.87 trillion in 2018, a 7.1 percent increase from $1.75 trillion in 2017.”
https://www.bea.gov/data/special-topics/travel-and-tourism

Resources to become a better FREDcaster:

• Economic Synopses: “The Rise in Chinese Tourism and Its Effects on the Balance of Payments“
• Economic Synopses: “International Travel: Double Trouble“
• Regional Economist: “Working from Home: More Americans Are Telecommuting“
• Page One Economics®: “The Economics of Flying: How Competitive Are the Friendly Skies?“

Quiz Yourself on Different Aspects of the Economics of Travel

The load factor is a measure of use of aircraft capacity.

Q1. As of the fourth quarter of 2019, how full (in percent) were domestic passenger flights?

Q2. Between 2002 and 2019, did domestic passenger flights become more or less crowded?

Q3. Consider the regular ups and downs in the load factor during any given year. In which quarter are domestic passenger flights least crowded?

Q1. Between 1971 and 2019, did the number of miles traveled by road per person constantly increase?

Q2. At its peak in 2005, how many miles did a person, on average, travel by road?

Q1. Between 2000 and 2019, did the number of rail freight carloads and the number of miles traveled by rail by persons change in the same direction?

Q2. How did the number of rail freight carloads and the number of miles traveled by rail by persons change during the 2007-2009 recession?

Now that you’ve aced this quiz, give it to your students using this dashboard. To customize this dashboard, just click the “Save to My Account” button at the top of the dashboard.