The recent influx of refugees in Europe has resulted in the decrease of low-skill level jobs and this has decreased the level of income generated by the natives due to an increase in unemployment. Unemployment, tax rates, and inflation are factors that affect the economy hence unemployment is a factor affecting the Macroeconomics of European countries. Germany is one of the countries where Syrian refugees have contributed to increasing in the level of unemployment in low-skill jobs. This has negatively impacted the economy. The newspaper offers insight into macroeconomics since unemployment is one of the factors affecting macroeconomics. (Clemens, 2017)
An article in the New York Times, “How Much Power Do ‘Millennials’ Actually Have?” analyses trends that are influencing how individuals make decisions on what they spend on from basic needs to luxuries. (Staley, 2008) These decisions on how an individual decides to spend their money is part of Microeconomics. This is because microeconomics studies decisions at the individual, household level, and firms and how they impact the economic market.
Can this map help explain the economic activity being carried out in different areas of my hometown? Depending on the topography and population the map can be used to show how the highland areas rich with fertile soils are used for cultivation whereas the densely populated areas mainly in the town centre are used as trading centers and access to social amenities e.g. schools, and hospitals.
Is the map useful when trying to calculate the income generated by individuals? It is not possible to answer this since this will require the collection of data from the individuals in the town. The map would not be useful in finding the income generated by individuals in households. The map lacks data necessary to calculate the household income in my hometown.
Michael Clemens. (2017). The Real Economic Cost of Accepting Refugees. Retrieved on 25th April 25, 2019 from https://www.newsdeeply.com/refugees/community/2017/08/08/the-real-economic-cost-of-accepting-refugees
Willy Staley. (2008). How Much Power Do ‘Millennials’ Actually Have? Retrieved on 29th April 2019 from https://www.nytimes.com/2018/10/09/magazine/millennials-power-generation.html