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?
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