Over the course of a decade, the United States economy fluctuated; reaching great highs, and unforeseeable lows. In hindsight, many of these changes were obvious and should have been predictable and preventable; ignorance and incompetence of those in power are the main reason why, to the public, the economy changed so greatly. The greatest of these unforeseeable lows was a major economic crisis known as the Great Recession, which led to years of turmoil. If the government did not step in to aid the economy, the Great Recession would have had the potential to drive America into times as dark as the Great Depression. On the other hand, the technology of smartphones became an economic success, making billions of dollars and creating hundreds of thousands of jobs. The effect of both events is seen in society today, with smartphones influencing a new type of …show more content…
In a period of economic turmoil, smartphones proved to be a lucrative economic venture. The first iPhone was released on June 29, 2007; that day that marked the beginning of the world becoming a large, always-connected community. With social messaging sites like Facebook and Twitter, someone halfway across the world can communicate with someone from their pocket. Now over half of Americans own a type of smartphone, and Facebook has over 1 billion users. Smartphones have become an integral part for everyday life, and founded a new, modern culture. Economically, the boom of smartphones created around $150 billion dollars in GDP growth and around seven hundred thousand new jobs. This is seen with companies like Apple and Google, having factories around the world producing smartphones and programmers, engineers, and designers creating new generations of products. Smartphones now have a large portion of the market share, and is a strong component of the
The economy works in a bunch of strange ways. Changing all the time. This is because of leading and lagging indicators. Indicators can control the economy progresses or get worse. Leading indicators, defined as a change prior to economic adjustments and, as such, can be used to predict future trends. This would include stock market, inventory levels, and the housing market. Lagging Indicators reflect the economy’s historical performance and changed to these are only identifiable after and economic trend or pattern has already been established. The government has an interesting way of using these indicators to their advantage, helping the economy so it doesn’t grow too fast or grow too slowly. This helps the economy so we don’t fall so far that it will be hard to get back up. We did this once during the great depression when there was no money in the economy, businesses were shutting down which left the government to pay the businesses to keep it open. Which, of course, put us into a debt. Us, as american citizens are “asked” to pay that debt off through our consumer spending and paying taxes. Are we on our way towards this? I do not believe so. In this essay, I will show you the reasons I believe that the economy is getting better through 2 leading indicators and 1 lagging indicator.
About a month ago I attended a dinner with some close friends. As we all sat in the restaurant waiting for drink orders to be taken, I looked around the table and what I saw made me feel more than a little annoyed considering I had not seen some of these people (or spoken to some of them) in over a month. Everyone at the table had sat down and immediately took out their phone. After reading the article “Have Smartphones Destroyed a Generation?”, by Jean M. Twenge, the feelings experienced that evening at dinner were validated and broadened by the depth and scope of the article. Jean Twenge was persuasive because of the statistical data in her article.
In 2001, after the longest period of economic expansion the country has witnessed historically, the United States of America entered into its tenth recession since the end of World War II. A recession transpires when at least two quarters of a year are plagued by a sharp downturn of the country’s gross domestic product or GDP. More specifically, when a recession occurs, unemployment increases resulting in less consumer spending which is associated with poor business performances. Studies by the National Bureau of Economic Research (NBER) concluded that during March of that year, a pinnacle in business occurrences declared the end of the expansion and the arrival of an inevitable and damaging though short recession. In a state of urgency, the president at the time, George Bush, encouraged Congress to ratify a stimulus package plan which would seek to improve the standing of the economy. The NBER theorized that the infamous act of terrorism which took place on September 11th placed an even greater strain on the already damaged financial system because it wreaked havoc on many markets and businesses such as the airline industry. Many times, a recession occurs due to economic disasters that are enough of an impact on society to disrupt expenditures of large-scale businesses and individual citizen households. Consequently, aggregate demand decreases along with employment. Factors such as international conflicts, technological fluctuations and the endeavors of monetary legislators all contribute to the overall American economic status.
The Great Depression was a period in America’s history that scarred the economic welfare of it citizens, however when it was over the many lessons were learned and the American people became stronger than before. Leaders and politicians kept a positive attitude and expected that once the country bounced back from the lost, that it would be an uphill battle to sustain the economy. President Herbert Hubert stayed optimistic but he could not dodge being blamed for the economic downfall by the American people and as a result was not re-elected. Many believed that The Great Depression was just a recession that could have been remedied, instead leading monetary authorities made poor decisions that caused the recession to worsen.
up with an explanation to the economic slump that was so simple people did not
Cell phones have made a big impact on the world, for example, people are using them daily, and they have influenced science, politics, and many more fields.
Our modern day society depends on technology for everything, can anyone imagine a life without their phone or computer? Probably not, social media and other popular applications have become so ingrained into our daily lives. Not only can we connect with people anytime throughout the day but we also have so many useful applications that help us on a daily basis. Thinking back to when I was eight years old, I couldn 't wait for sixth grade because my parents had promised to get me a cell phone, I remember counting down the days till the summer of fifth grade was over because I already knew which cell phone I wanted. Once I got it I couldn’t stop showing my mom all of the cool things it could do. Which looking back at it today, it really couldn
The economy has been progressing, new inventions, and ideas have funded America's economy. However, There were times when America's economy had dropped to a sudden standstill and many
There was a time when people communicated mainly through writing letters, talking on the phone, or speaking personally to others. Our communication capabilities and the dynamic of our social world has changed drastically with the introduction of electronics – especially cellular smartphones. In today’s world, hand-held cellular phones have transformed the way people communicate. While these devices have made us much more productive and efficient, they are causing our society to lose the important life skill of interpersonal communication. People can be seen everywhere fixating on their phones instead of interacting with others. Many are mesmerized by what they can do on their phones and are often seen using them while walking down the street, sitting at a restaurant during dinner, and even while driving. I believe cell phones are negatively impacting our society because they are harming our interpersonal skills, consuming our lives, and creating an imminent danger.
Mobile is the first order priority device for access because people are connecting with others, finding entertainment, and doing business—all with smart phones. The prices of mobile phones are never over $1,000 in today’s world. They are affordable and accessible. As the result of the changes the worldwide and national business environment has undergone, people own 1-2 cell phones on average. However, the mobile markets in US seems to have been saturated.
Despite the short amount of time since the introduction of the smartphone, the rapid development of the software and technology has had a tremendous effect on the everyday life in society today. The concept of communicating through a telephone was developed in the 1870s. Devices to transmit speech electrically were designed by Elisha Gray and Alexander Graham Bell, but Bell's design was patented first. On March 10, 1876, Alexander Graham Bell achieved one of his greatest successes in the making of the telephone. This brought upon a major change in communication and gave leeway to the improvement of the telephone in the days to come (Bellis, 2013b). During the 20th century there were many innovations regarding the telephone. In 1973, the first call from a portable phone was made Martin Cooper, who was a Motorola researcher and executive at the time. Since its inception, the advancement of cell phones has been exponential (Bellis, 2013a). As a result, cell phones have changed how society works in today's world. Many people lack the insight of how cell phones, or in this case, smart phones, affect the people that use them. So the question is, how is the evolution of smart phones impacting our society?
In December 2007 The National Bureau of Economic Research (CNN) said that the United States of America had fallen into a recession. The recession meant that people were loosing jobs and that people were spending too much money and even money that they did not have. A major reason that the United States fell into the recession was because banks and private businesses were giving credit to people who could not afford to pay back or had a bad credit to begin with. This was a major problem to all types of busin...
The current state of the economy in the United States has been slow in recent months. While the economy is not currently in a recession, we may eventually fall victim to the first recession we’ve had in nearly ten years. The economy in general is showing growth, just not much. It will be difficult to predict what exactly will happen to the US economy in the future. Many economists do not agree on what will become of the economy. Some feel that we will begin a recession over the next year, and some feel that there is significant policy implementation that will allow us to dodge a recession and regain our economic strength. There are many factors that make up the US economy. The means in which I will discuss the overall growth and current status of the economy is by analyzing the Gross Domestic Product, and discuss the factors that cause it to rise and fall.
In today’s world the vast majority of the population owns a cell phone. Cell phones are a huge part of people’s everyday lives. Since the 1940’s when mobile phones became available for automobiles, phone companies have made huge strides in making mobile phones more efficient, much smaller, and more available for anyone to use. There was a time where only people of wealth had these types of mobile phones. Now people from all social classes own a cell phone. They are extremely convenient and have the ability to do just about anything you can think of. There is an “app” for everything. You can make phone calls, text message, surf the web, pay your bills, read books, catch up on social media, and even listen to you music all from one small handheld device. Cell phones play a huge role in today’s economy. Businesses such as AT&T, Verizon, and Sprint have become huge public corporations with large stakes in the stock market. Between these companies among several other phone companies they have created millions of jobs and opportunities. Cell phone companies have now created what are known as “smart phones”. These phones are typically slim and sleek and have countless versatile abilities. However, cell phones have not always been so “smart” or small for that matter.
1. In which ways do smartphones help these companies be more profitable? To what extent are improvements in performance coming from revenue increases or cost reductions? Provide several examples from the case.