Macro & Micro economics Concept; Unemployment Project Description Using the concept mentioned above, provide in essay form a precise definition and an explanation of the importance of the concept in the context of economics using a real world factual example. General Information: This assignment must be completed individually; any indication of the contrary will be penalized and even result on a failing grade for the assignment. Your response MUST have at minimum of 250 words. Your answer should clearly define the concept, offer a concise explanation of importance, provide adequate support for that explanation (real world data, research papers, books, journals, etc.), be organized clearly and logically, and utilize the conventions of standard edited American English. When writing a Definition you must be both clear and concise. It is often best to begin with the general class to which the items belongs, and then decide what differentiates that item from the general description. Examples must be added but only after you have provided the definition. An example is NOT a definition. When writing an Explanation you must clarify and interpret the concept you present. It is often best to start by stating the how or the why and reconcile any differences in opinions, and then provide a factual example (using data or information from the real world). The goal of your answer should be to explain the conditions which give rise to the importance. When writing an Example you MUST use real world data and if appropriate cite references using in-text APA Citing style. In-text citations are placed within sentences and paragraphs so that it is clear what information is being quoted or paraphrased and whose information is being cited. 30 points will be given for a clear and concise definition, another 30 points for a clear and concise explanation of the importance, 30 points for the use of a relevant factual example, and 10 points for on time submissions (Total 100 points). However, students not meeting the 250 words minimum will receive a zero regardless of the answer provided. A grade of â€œ70â€ or higher will be awarded only if you have demonstrated college-level writing skills. Assignments turned in late, via email, in my mailbox or in class WILL receive no credit. Consideration MAY be given on late assignments for valid documented emergencies. Sample answer: Concept ? Economic Growth Rate Economic growth is the increase in the amount of the goods and services produced by an economy over time. Typically the change in the production of goods and services in an economy is measured by the annual change of the Gross Domestic Product. So, we can define the Economic Growth Rate, as the annual percentage increase of the Gross Domestic Product. The economic growth rate is very important because it can serve as an indicator of how well an economy is doing year after year. An increase in the growth rate means, that relative to the previous year this particular economy is expanding faster. We can also use to rate of economic growth to compare one economy to another; this knowledge can help shape economic policy. For example, the average annual growth rate for the United States between 1990 and 2007 was 3.8% annually, but since then the annual growth slowed down, and was -3.5 in 2009 (The National Bureau of Economic Research [NBER], 2011). This deceleration of growth from positive to negative was a clear indicator that the production of goods and services in the U.S. economy was shrinking and this resulted in the American Recovery and Reinvestment Act of 2009 â€œThe Stimulus Packageâ€ which is still distributing more $700 billion dollars of government funds in the form of contracts, grants, loans and tax breaks.