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Compare theWorldRankin economic freedom with the order of the countries in the per capita GDP in the table in part I of the assignment. Discuss the significance of the data and what you feel is the relevance of rankings.

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DATA EXERCISE #3

Due at the end of week 7

Note: Instructors can assign specific countries for this project.

This project is closely related to the course objectives and learning resources provided for the course. This project is based on the course learning resources studied during Week 1:

  • Chapter 6 of the textbook “The Macroeconomic Perspective”,
  • Chapter 2 from the book “Concepts and Methods of the U.S. National Income and Product Accounts”,
  • “Measuring the Economy: A Primer on GDP and the National Income and Product Accounts”.
  • The example of calculations for Part 1 of this Data Exerciseis in Week 1 Learning Resource titled “Measuring Domestic Output and National Income” > Scroll all the way to the end to “Check Your Knowledge: GDP in Different Countries”.

Purpose of the Data Exercises

The data exercises are designed to ensure that students are familiar with the methodology of collecting and analyzing data from the web. Each exercise includes collecting the required data, creating a graph or table to present this information, and writing three to four double-spaced data analysis pages. Students should aim to provide clear insights and interpretations rather than merely presenting data.

Data Exercise Requirements

  1. Textbook and Learning Resources as a Reference:Students must use the assigned textbook, as well as chapters from “Concepts and Methods of the U.S. National Income and Product Accounts”, and “Measuring the Economy: A Primer on GDP and the National Income and Product Accounts”,provided in Content > Unit 1 > Learning Resourcesas a primary reference for their analysis. This ensures a strong theoretical foundation and context for the data being analyzed.
  2. Current Data and References:All data used must be the most recent available data. Students must include references from recent news articles, journals, or other credible sources to support their analysis. This requirement aligns with the expectation to use up-to-date Bureau of Labor Statistics (BLS), Bureau of Economic Analysis (BEA), andWorld Development Indicators databasedata.
  3. Focus on Analysis –While charts and graphs are necessary to present data visually, the focus should be on explaining the significance of the data.
  4. Elimination of First-Person Language:Students must avoid using the first person in their papers. Instead, reflections and analyses should be restated in the third person. This enhances objectivity and professionalism in academic writing.

Format of the Project:

The Data Exercise must be posted to the LEO Student Assignments as a Attachments are limited to a maximum two files in doc, docx., xls. xlsx., or rtf. formats. OTHER FORMATS ARE NOT ACCEPTABLE, will not be reviewed or graded.

Please note that hand-written and scanned works, pdf. files, jpg. files, as well as files posted in google drive, will not be accepted or graded.

No more than 20% of the text of the project should be made up of quotes.

The UMGC is seeking professional/business style communications with appropriate citations/references. The students’ gradeswill not be reducedbecause of a lack ofstrict adherenceto a particular style.  Wesuggeststudents utilize one of the styles as aguideto their work. As a preferred guide, APA -7th edition is most used in social sciences such as economics, business and finance. Please use Content > Course Overview > Course Resources > page 4 > Writing Resources as a guide how to use APA -7th edition in your work.

Written projects:

  1. Must be typed, double-spaced, in 12-point Times New Roman or Arial font, with one-inch margins
  2. Must haveprofessional/business style of thetitle page
  3. Must haveappropriatein-text citations andprofessional/business style of thereference list
  4. Must be prepared using word processing software (Microsoft Word preferred).
  5. If you are using Excel to calculate or create tables or charts, please also submit the Excel file to support your calculations.

Data exercise #3 Assignment

Note: Instructors can assign specific countries to collect data for Data Exercise #3.

This project consists of two parts. 

Part 1: GDP in Different Countries (weight 45% of the assignment grade)

Complete the following exercise:

  1. Collect and present the required data (20% of the project grade)

Go to World Development Indicators database:

https://databank.worldbank.org/home.aspx

Click on World Development Indicators.

    1. Select12countries for your project by checking the check boxes under Country,including USA, China, and Finland.Note: Instructors can assign specific countries to collect and analyze data for this project.
    2. Select the two data series GDP (current US$) and Population (Total) under Series. 
    3. Select the most recent year under Time.Please use the most recent year when the data is available. Otherwise, you will get zero for this part of the project.
    4. ChooseLayouton the upper left side of the screen. Under Orientation choose “Page” forTime, “Column”forSeries, “Row” forCountry.
    5. ClickApply Changes
    6. Retrieve data.You can now retrieve data by clicking on the options on the right upper side of the window.  Clicking “Table” will allow you to see data.  Click “Download options” and choose “Data on this page only – formatted”. This option will allow you to download the data in Excel, which can then be copied into your report file. Or you can simply type the required data into the table below. Fill in the table below.
    7. Calculate the per capita GDPas GDP/Population for the most recent available year for the countries. Present the table in the project.The example of calculationsis in Week 1 Learning Resource titled “Measuring Domestic Output and National Income” > Scroll all the way to the end to “Check Your Knowledge: GDP in Different Countries”.
    8. Present the data as Table #1 in your project.
    9. Create Table #2.Change the order of the countries. List the countries by highest per capita GDP to lowest. Present this table in your project.

Country

   GDP

Population

   Per
Capita GDP

      1

       2

        3

        4
= 2/3

  1. Write a report(2 pages or more double-spaced)in your own wordsabout the results you received (25% of the project grade)

In this report consider, but do not be limited to the following:

  1. Does the order remain the same for total GDP as for per capita GDP?
  2. If not, explain why it is different?
  3. Please analyze the significance of this data that you received for this part of the Data exercise. Pleaseinclude references from recent news articles, journals, or other credible sources to support your analysis.
  4. Reflection– the students should write a paragraph in their own words reflecting on specifically what they learned from the assignment and how they think they could apply what they learned in the workplace and/or in everyday life.

Part 2:Index of Economic Freedom (weight 45% of the assignment grade)

Log onto the Heritage Foundation’s website at https://www.heritage.org/index/

“Today, we live in the most prosperous time in human history. Poverty, sicknesses, and ignorance are receding throughout the world, due in large part to the advance of economic freedom. In 2024, the principles of economic freedom that have fueled this monumental progress are once again measured in theIndex of Economic Freedom, an annual guide published by The Heritage Foundation, Washington’s No. 1 think tank.

For twenty-seven years theIndexhas delivered thoughtful analysis in a clear, friendly, and straight-forward format. With new resources for users and a website tailored for research and education, theIndex of Economic Freedomis poised to help readers track over two decades of the advancement in economic freedom, prosperity, and opportunity and promote these ideas in their homes, schools, and communities.

The Index covers 12 freedoms – from property rights to financial freedom – in 184 countries.”

  1. Collect and present the required data (20% of the project grade).

For this part of the project, you will be using the same countries you were using for Part 1 of this Data Exercise.

To complete this assignment please usethe most recent available year.

Log onto the Heritage Foundation’s website. Copy-paste this link into your browser.https://www.heritage.org/index/

Create the table that contains theWorldRankin economic freedom,theOverall Scorein economic freedom,the Scoresin business freedom, trade freedom, financial freedom, and property rightsfor the countriesyou were using for Part 1 of this Data Exercise.Present this table in your project.

To findthe Overall Score and the Scoresof business freedom, trade freedom, financial freedom, and property rights click on EXPLORE THE DATA, choose the most recent available year, choose the country to see all Scores for this country.

Or you may want to download the data in Excel file using the button “Download the Data” on the front page of the website.

To find theWorld Rankof the country you need to scroll down the front page of the website and click onRead the Report. Scroll down the report to the Table “Economic Freedom World Rankings Table (1 of 5)”.World Rank of the country is listed in the first column of this table.

Present the collected data as table in your project.

Country

World
Rank

Overall
score of economic freedom

Score
of business freedom

Score
of trade freedom

Score
of financial freedom

Score
of property rights

Per
capita GDP calculated in Part 1 of this project

     

       

  1. Write a report in your own words(2 pages, double-spaced), which contains the analysis of the results that you received. (25% of the project grade)
  2. Compare theWorldRankin economic freedom with the order of the countries in the per capita GDP in the table in part I of the assignment. Discuss the significance of the data and what you feel is the relevance of rankings. Pleaseinclude references from recent news articles, journals, or other credible sources to support your analysis.
  3. Compare theOverall Score ofeconomic freedom,the Scoresin business freedom, trade freedom, financial freedom, and property rights with the order of the countries using the per capita GDP in the table #2 in part I of the assignment. Discuss the significance of the data and what you feel is the relevance of rankings. Pleaseinclude references from recent news articles, journals, or other credible sources to support your analysis.
  4. Choose 1-2 countries to explore theeconomic and political factorsthat affect these rankings and scores. (Please note you don’t need to research all the countries. Just choose one or two). Discuss these examples in your project. Pleaseinclude references from recent news articles, journals, or other credible sources to support your analysis.
  5. Reflection– the students should write a paragraph in their own words reflecting on specifically what they learned from the assignment and how they think they could apply what they learned in the workplace and/or in everyday life.

 PRESENTATION OF THE DATA EXERCISE (10%) of the project grade):

  • Organization, format, and presentation of paper includingprofessional/business style of thetitle page, introduction, body, and summary. Begin each section with a subheading; use the subheadings described in the assignment (3% of the project grade).
  • Use of tables, figures, and other graphics to summarize and support analysis presented in the paper. All tables and charts should have the numbering system: “Table 1”, a substantive title, and a reference to the source of the information. (3% of the project grade).
  • Use of the assigned textbook and learning resources provided in the courseas a primary reference for the analysis, recent news articles, journals, or other credible sources, appropriate in-text citations and professional/business style of the reference list.(4% of the project grade).

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