A Dashboard of Macroeconomics Graphics for

Transcript:A Dashboard of Macroeconomics Graphics for:
A Dashboard of Macroeconomics Graphics for Extension Agribusiness Management Forrest Stegelin Agricultural & Applied Economics University of Georgia What is a “dashboard”? In management information systems, a dashboard is “an easy to read, often single page, real-time user interface, showing a graphical presentation of the current status (snapshot) and historic trends of an organization’s key performance indicators to enable instantaneous and informed decisions to be made at a glance.” An economic dashboard is not a predictive or market timing tool regarding the future performance of any economic or financial market nor is it intended to predict or guarantee future investment performance of any sort. The dashboard is intended as a tool for agribusiness owners and managers to set context and perspective when evaluating the current state of the economy. Microeconomics and Macroeconomics Microeconomics: the area of economics that deals with individual decision units – people, firms, or markets – within the economy. Macroeconomics: the area of economics that deals with a nation’s (or industry’s) economy as a whole; the study of the effects of changes in the production of goods and services and employment and how they interact to influence economic performance. Agribusiness Any firm (on-farm or off-farm) involved in the food and fiber production and marketing system. The ever-changing food and agribusiness industries characterized by firms that: Move final products through the food and fiber system to the ultimate consumer or end-user; Transform raw agricultural products into the final products desired by consumers or end-users; Produce raw food and fiber products; or Supply inputs to the farm or production sector. Agribusiness management programs offered to a variety of off-farm agribusinesses. Managerial decision-making and problem-solving. Prognostications and forecasts and outlook. Explain and predict economic behavior influencing the need or demand for an agribusiness’s products or service. Understand government programs and environmental policy, interest rates, business cycles and the economy, general mega trends, and impact of global economics on the agribusiness firms, organization, industries, and their clientele/customers. Economic reports and indicators (leading, lagging, or roughly coincident and procyclical or countercyclical) to provide metrics for evaluating the health of the economy and the agribusiness sector, the latest business cycles, an dhow the agribusiness’ customers are faring economically. Areas of macroeconomics incorporated in the extension agribusiness economics programming Business cycles, including the recession-growth pendulum swings; Inflation, and adjusting price series for inflation; Interest rates, comparing real versus nominal and adjustments to the risk