unemployment
The economic situation differs from country to country, caused by difference in population, geography, monetary system, political situation and a lot of other factors. But even within one country there are always a number of regions that differ from one another by their economic performance. This situation is especially true for big countries like US. If the regions are too broadly defined, the economic diversity would be lost. If the regions are too narrowly defined, they are not likely to have any viability as economic entities, and this circumstance will increase the problem of developing good regional economic data pertinent to the individual regions. Economic indicators like income, employment and population may differ in the rural and urban areas of a single region, but the growth of the region still depends on the economic performance of the region as a whole, and especially the towns and cities. An input-output model is very useful of measuring regional economic activi!ty. Such a model effectively determines the impact of one economic variable on another can be used to analyze expected growth. The measure of regional economic indicators and comparing them to national could produce a good estimate of economic performance
------------------------------------------------------------------------ age higher than Per Capita GDP. Labor market Block Three concepts are presented in labor market block: regional unemployment rate, regional employment and population. Population Population of the region could play an important role in its development. Growth of population could stimulate economic activity, create new businesses and increase output or the region. Migration to a region can be an indicator of the region being more desirable to people in terms of standards of living. Population of the region could change due to demographic factors like birth rate or death rate or economic factors like availability of job higher wages and higher standards of living. So population could depend on average regional wage, or in this case wage and salary rate (wage and salary per job) and unemployment rate. VaPop = 4395645.4 + 83.08 VaW&S - 18830.1 VaUnplR (44.93) (39.73) (-1.35) R=0.99 F=5656.6 As it was mentioned before, population of the region depends on some demographic factors alo! ns of the economic base model, whereby intersectional economic relationships are explicitly considered Because of the underlying assumption that the regional economy is driven by exogenous final demands. The idea of regional economic model that is (instead of "that is" say "used") in this paper is based on two studies that present economic models of regions in US. One study, reports on a regional economic modeling approach used by East Kentucky Power Cooperative, Inc. (EKPC), a rural electric cooperative that serves 280,000 residential customers and 15,000 commercial customers in east-central Kentucky. These models use quarterly, county-level data to produce regional forecasts of income, employment, wages, population, labor force and the unemployment rate (1). Another study describes an economic model for state of Mississippi (2). Both studies indicated economic variables in regional output, labor, and income and wages blocks and estimated regressions on order(must be "in orde! es have all either relocated or created offices in Northern Virginia. The area is also home to nonprofit agencies and, of course, government agencies. Conclusion Economic situation of the region can differ from national depending on performance of regional economic indicators. The economic factors that can economic performance of the region that were presented in this paper are Regional Output, Population, Employment, Unemployment rate, Wage and Salary rate, and Personal Income. These economic factors are the main variables of regional economic model that presented in this paper. Appendix B is the graphic interpretation of the mode. It gives the idea of relationships that exists in among variables. One of the most impotent economic indicators of the model is output of the region. It determines the demand for labor in the region and it is the main source of income for population. So the high regional output generally implies the high economic performance of the region. In order! iving income and paying taxes to the government. The Employment equation is in a form of labor demand relationship, where labor demanded is a function of regional output. Employment is population of a region that encouraged in production or creation of regional output. This means that the number of jobs available (employment) depends on the region output. Growth State Product is taken as an estimate for total output of Virginia. So GSP determines demand for number of jobs (employment). Employment of the region also depends on the wage rate of the region and how it stands comparing with national rate. The high wage and salary will attract people (both from inside and outside the region) to take a job. If we take employment as an estimate of labor force than it should depend on population of the region, because labor force is a population of a certain age. Vaempl = 1980348.6+5.59 VaGSP + 35.01 VaW&S (25.01) (1.98) (1.43) R=0.98,
Some common words found in the essay are:
, Population Ratio, Income Average, Salary Wage, National Output, Population Population, Virginia GSP, Personal Income, Inc EKPC, Virginia Data, unemployment rate, wage salary, wage salary rate, regional economic, growth rate, salary rate, economic indicators, regional output, population region, economic performance, capita income, economic performance region, income growth rate, growth rate 1975-1997, rate wage salary,
Approximate Word count = 3664
Approximate Pages = 15 (250 words per page double spaced)
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