An Economy Consists Of Various Inter Dependent Sectors Essay

An Economy Consists Of Various Inter Dependent Sectors Essay

Length: 1040 words (3 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

I-O model and IMPLAN
An economy consists of various inter-dependent sectors. An output of a sector is the sum of demands from all sectors (Abt et al. 2002). Based on interdependencies amongst sectors, input-output model can predict impacts in other sectors of the economy caused by changes in one sector (Leontief 1996).
IMPLAN (Impact Analyses for Planning) is an economic simulation model which is based on input-output model. It was originally developed by the United States Department of Agriculture (USDA) Forest Service in cooperation with Federal Emergency Management Agency and the University of Minnesota to analyze the forest plan alternatives in national forests (Abt et al. 2002). It consists of regional data that are collected from different sources, primarily federal agencies (Day et al. 2012). In IMPLAN, input-output models for a specific regional economy can be created and economic impacts can be estimated in terms of employment, labor income, value added, and output (Nielsen-Pincus and Moseley 2013). It is time and cost effective to create economic reports using IMPLAN. Therefore, it is widely used to evaluate economic impacts of the various economic events including restoration projects (Nielsen-Pincus and Moseley 2013, Edwards et al. 2013, Prato and Hey 2006).
The IMPLAN is based on some assumptions (Bernat and Johnson 1998):
1. Relationships between input and output of sectors are assumed to be linear, that is proportionate change in all inputs results in the same proportionate change in output.
2. Technology is fixed during the base period (2012 for this study).
3. The supply of inputs is never a constraint on production.

In addition, IMPLAN helps estimate multiplier effect for each sector. Multiplier measures the i...


... middle of paper ...


...re from other local and private contractors was assigned to it.
In addition, sensitive analysis tests were done with datasets having different assumed values for the missing data. The first dataset included mean percentage of local expenditures of contractors with similar characteristics. Then, other datasets were developed in which missing values were assumed at different levels. For example, a local private contractor information was missing. By averaging the percentage of local expenditures of other local private contractors, 80% of local spending was assigned to it. Then, to test the sensitivity of this value, other datasets were developed with 85%, 75%, 90%, and 70% of local spending by this particular contractor. All datasets were then tested using Wilcoxon Rank Sum test. This helped us examine the sensitivity of the assumed values to the tests of significance.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Essay on Various Definitions

- Ultrasonic sound- The PING))) ultrasonic sensors operate using ultrasonic sound. The sensor emits an ultrasonic chip, which is reflected off of and object. The sensor times how long it takes for the sensor to emit the chirp, and have it received off the object as an echo. Using the equation of the speed of sound in air, the sensor monitors distance. The sensor operates using a 40kHz chirp. This frequency falls in the sound range commonly used by animals for communication. Frequencies that are much higher, for example 1-20 mHz are used more commonly for medical imaging....   [tags: Various]

Better Essays
1518 words (4.3 pages)

Essay about Agency And Inter -partnership Collaboration

- Inter- agency and inter –partnership collaboration is an “essential component of good social work practice” (Thomas, Baron, 2012). It consists of social workers working effectively with other professions in partnership to obtain the best results possible. “The term collaboration conveys the idea of sharing and implies collective action oriented toward a common goal” (D’Amour, 2005). Working with other professionals enables both Social Workers and other professionals to share ideas and beliefs that can enable them to achieve different outcomes....   [tags: Sociology, Social work, Learning styles, Education]

Better Essays
2769 words (7.9 pages)

Social Movements As Private Sectors Essay

- There are two main things I want to talk about; harm in viewing social movements as private sectors instead of a part of something bigger, and the multidimensional social justice actors and how privilege actors plays apart within social movements. Flaws in Viewing Social Movements as Private Sectors I do not have any issues any of Aslandis’ main points on social movements. I do have an issue with his lack of acknowledgement of the ‘they’. Aslandis, himself, makes a point about power of identity within social movement and how to make a ‘we’ there must be a ‘they’....   [tags: Sociology, Social movement, Relative deprivation]

Better Essays
1254 words (3.6 pages)

Essay on The Legal Independence Index Consists Of 16

- This measure was created in 1992 and had an extensive revision in 2002 . The CBI index includes four measures, namely legal independence index, actual independence index, the rate of turnover of central bank governors, and a combination of the legal index, and the rate of turnover. The Legal Independence Index consists of 16 different questions which are grouped into four clusters of issues: (i) Four questions relate to appoint, dismiss, and the term that the governor can stay at his or her office; (ii) Three questions link to the policy formulation series, which mainly concerns the resolution of divergences between the executive body and the central bank over monetary policy and involvement...   [tags: Central bank, Monetary policy, Inflation]

Better Essays
1034 words (3 pages)

Financial Sectors in Bahrain Essay

- Bahrain has many financial sectors which are developed and diversified including Islamic banks , commercial banks , insurance companies , financing companies , investment advisors , insurance brokers , security brokers and mutual fund that traded in retail or wholesale market . The sectors are regulated and supervised by central banks of Bahrain (CBB) which was known as Bahrain monetary agency. Requirements are contained in the Central Bank of Bahrain Rulebook that is divided into six volumes and each volume describes a different type of financial system....   [tags: banks, insurance, markets]

Free Essays
564 words (1.6 pages)

Essay on Various Subjects

- According to Peter’s map – the north is rich and the south is poor, this is also stated by the Brandt Report. The Brandt Report works on the principle that; if you give a man a fish, you feed him for a day but if you teach him to fish, you will feed him for life. This basically means that if you give someone in a poor country some fish for example, it will only last for a limited amount of time, because it gets eaten – a short term solution. Whereas if you teach him how to fish, he can go and fish for himself and feed himself free of charge to him or anyone else – a long term solution....   [tags: Various]

Better Essays
1035 words (3 pages)

Essay about Various Subjects

- Cure panic attacks and stop living in fear. Since this disorder can occur without warning, it can take a toll on those afflicted, preventing them from living a healthy, productive lifestyle. Common symptoms include feeling weak, faint, or dizzy; tingling or numbness in the hands; sweating or chills; chest pains including "racing" heart and difficulty in breathing; and a sense of losing control. Anti-anxiety medicines like Xanax, Klonopin, and Ativan are some of the medications prescribed at the onset of the treatment for panic attacks....   [tags: Various]

Better Essays
1918 words (5.5 pages)

Inter-professional Healthcare Teams Essay

- Inter-professional or multidisciplinary healthcare teams are groups of health rofessionals from different disciplines collaborating to provide care to patients. Effectively coordinated and collaborative inter-professional teams are essential to the care and treatment of patients (Rowlands & Callen, 2013; Doyle, 2008; Ruhstaller, Roe, Thürlimann & Nicoll, 2006; Simpson & Patton, 2012, p. 300). Communication is a process of conferring information between individuals through use of speech, writing or various other means, and is critical to the success of a multidisciplinary team (MDT) (Higgs, McAllister & Sefton, 2012, p....   [tags: Team Work, Communication]

Better Essays
883 words (2.5 pages)

Ethnography - Inter-team Conflict with the Coach Essay

- Ethnography - Inter-team Conflict with the Coach Recently, two strong sophomore players quit the varsity women’s water polo team. They said that they were no longer having fun, one saying that the time commitment “just was not worth it anymore,” while the other said that playing polo at Oxy was making her more and more unhappy.” Earlier in the season, one of the players who was named first team All American and MVP of the National Tournament, also almost quit the team for good. Again, her reasoning was that the game was not fun for her anymore....   [tags: Ethnography]

Free Essays
5311 words (15.2 pages)

Sectors Covered by the CAP Essay

- Sectors Covered by the CAP Sectors covered by the CAP The common agricultural policy price intervention covers only some agricultural products, which are, by mutual agreement, subject to the organisation of the EU market: * cereal, rice, potatoes * oilseeds * dried fodder * milk and milk products, wine, honey * beef and veal, poultry meat and eggs, pig meat, sheep / lamb meat and goat meat * sugar * fruit and vegetables * cotton * peas, field beans * sweet lupins * olive oil * seed flax * silkworms * fibre flax * hemp * tobacco * hops * seeds * flowers and liv...   [tags: Papers]

Better Essays
2285 words (6.5 pages)