Public Opinion

ABSTRACT

I have learned many new things during my studies of economics. Many of the things I have learned throughout my studies have vastly changed my outlook on the health of our economy. For instance, even the definition of a simple term used by economists can greatly misrepresent the economy to one who has never studied economics.

My intent is to demonstrate the differences between the public definitions of economic terms and the definitions understood by economists. My sample audience of the public is extremely small. However, I feel that it is representative of the working class American public.

I will attempt to tie these differences together by analyzing the state of the economy after 9/11.

PUBLIC OPINION OF ECONOMIC PRINCIPLES

AND THE EFFECT OF 9/11

Throughout this paper I will discuss economic principles and the public perception. This will be achieved through information and statements collected from colleagues. The colleague definitions of economic terms such as; Gross Domestic Product, Unemployment, and Inflation will be compared to the “textbook” definitions. The differences will be discussed and analyzed.

Once the difference between the public’s definition and the “textbook” definition of common economic terms is discussed I will show how these differences affect the outlook of the public on the economy versus the state of the economy. This will be conducted through an analysis of the post 9/11 economy.

One of the common terms heard in a discussion of economic growth or health is Gross Domestic Product. I believe a vast majority of the public have an inaccurate perception of what Gross Domestic Product really is. One response I received from a colleague is, “Gross Domestic Product is how much products produced domestically.” This statement, I dare to say, is most likely representative of the majority of American citizens. This definition, while not entirely inaccurate, leaves much to be desired.

The “textbook” definition of Gross...