Economics
GDP and the Business Cycle
Gross domestic product (GDP) is the economic measure which quantifies the production within a country's economy in a single period of time. The measure, which is usually on an annual or a quarterly basis, is usually calculated as the total market value of all the finished goods and services that country during the period (Nellis and Parker, 2000). In 2012 the GDP in the U.S. had reached $15,094 billion dollars, an increase on the 2011 figure of $14,582.4 billion (Trading Economics, 2013). This in turn was an increase on 2010, when the GDP was $14,043 billion. This would appear to indicate a growing economy, where there is an increase in output. However, this is the market value on current prices, each year the increase includes inflation, so the real growth, that is the actual growth less an allowance for inflation, is a better measure of how an economy is performing. Even without allowing for inflation it is possible to see that while there appears to have been a period of growth, 2010 was not a growth year, as the GDP figure reflected a fall, as 2009 had a higher GDP of $14,296.9 billion (Trading Economics, 2013). Historically the U.S. economy tends to grow at a mean of approximately...
GDP and the Business Cycle; Government Financial Bodies, How Fiscal Policies Impact Production and Employment This memo will address three issues commonly discussed when talking about the economy. First, it will explain and describe how gross domestic product can be used to measure the business cycle. Second, it will describe the roles of the government bodies that are responsible for determining national fiscal policies. Third, it will explain how national fiscal
Business Cycle Analysis Overview- From the end of World War II to the early 1970s, China was relatively isolated from the global landscape. It was a part of the Soviet Communist Bloc, but remained inwardly focused on improving its own infrastructure and economy, all the while poised for rapid modernization. Openness towards the West began around 1978 with increased trade, a small amount of additional transparency internally, and at least the
USA Business Cycle This report will focus on the business cycle of a country of the author's choice, that being the United States of America. The author chose that country because it is one of the most scrutinized and analyzed countries in the world and the data for it is readily available. More than a dozen metrics will be looked at for this report. In order, they will be real gross
ECONOMICS The industrial age was an age of giant, mega corporations that were often bogged down by inefficient and outdated distribution, innovation, and production techniques. By contrast, the information age of the past 20 years or so has brought forth a new business form, a fluid congregation of businesses, sometimes highly structured, sometimes amorphous, that come together on the internet to create value for customers and wealth for their shareholders. This
08% 2.42% 2.78% 2.57% 2.69% 2.69% 2.54% 2006 3.99% 3.60% 3.36% 3.55% 4.17% 4.32% 4.15% 3.82% 2.06% 1.31% 1.97% 2.54% 3.24% 2005 2.97% 3.01% 3.15% 3.51% 2.80% 2.53% 3.17% 3.64% 4.69% 4.35% 3.46% 3.42% 3.39% Trade deficit The United States trade balance has been showing deficit since the 1970s, but the rapid growth of trade deficit started in 1997. The highest record of trade deficit was marked last year, as deficit of
Economics Course Economics impacts on many areas of life subsequently it will impact on many areas of professional life. Reflecting on the lessons learned, including the knowledge and skills gained, the real value is in the way that economics concepts can be applied to the real world; not only to explain event that are seen in the macro-environment, but to guide the way personal decisions will be made with that knowledge. The
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