Develop a list of resources you might use to gather historical economic data as well as economic forecast data. Explain how and why each source is valuable and useful. Identify any quantitative or qualitative forecasting factors contained in the sources. Discuss this week’s objectives with your team. Your discussion should include the topics you feel comfortable with, any topics you struggled with, and how the weekly topics relate to application in your field.
Two historical economic data where information can be found is Bureau of Economic Analysis, U. S. Department of Commerce and FRED, Economic Time-Series Database. The FRED database includes the national economic and financial date including interest rates, consumer price indexes, employment and population and trade data. This database is a valuable source because this allows citizens to see how the country’s financial state is at. The Bureau of Economic Analysis includes estimates concerning national, international, and regional economic activity.
It also provides statistics decision influenced by the government officials, business people, households and individuals. The quantitative of each site is that they included tax list information and census return information. The Bureau of Economic Analysis and FRED database qualitative used are they both explain the findings that are included in the database. The topic that was not comfortable to me was about the quantitative and qualitative.
I did not fully understand what the real difference is and after reading the information it seem as if they both mean the same. This week topic does relate to my field because I work for a Medicare part D drug plan. Having an ideal of how and what the historical data collects it gives me a better understanding of how they determine the group of people who may qualify for Medicare assistance each year. Reference http://www. bea. gov/ http://www. stls. frb. org/fred/index. html