Gross Domestic Product (GDP) is the total value of goods and services produced in a country over a period of time. Most economists consider it to be the broadest indicator of a country's economic health. In the United States too, the GDP has been adopted as a key measure of economic activity since the early 1990s and the U.S. Bureau of Economic Analysis (BEA) regularly releases detailed GDP figures that are keenly tracked by the markets to gauge the current and future state of the economy. This paper discusses Gross Domestic Product with particular reference to the U.S. economy, describes how it serves as an indicator of the country's economic health and explains the components that make up the GDP.
GDP and GNP
Until the early 1990s, the Gross National Product (GNP) rather than the Gross Domestic Product (GDP) was used by the U.S. To measure economic activity. The main difference between the two measures is that GNP indicates the total income earned by residents of a country regardless of where their assets are located while the GDP measures a country's...
Gross Domestic Product: This is a monetary value placed on all the finished goods and services produced within a national boundary. This number is calculated every year and is used to measure the economic health of a country. Real GDP: The real GDP takes into consideration inflation. Nominal GDP Nominal GDP figures are not adjusted for inflation and are used for comparative purposes. Unemployment Rate The unemployment rate examines the rate at which employable people are actively
Gross Domestic Product refers to the total worth of final goods and services produced within the nation in a given year. GDP accounts for the income generated as per the location it is earned instead of the owner of the factor of production. (Gross Domestic Product) GDP thus is an aggregate quantification of the total worth of the net output of all the domestic producing units of a nation or
Policymakers should take careful note of their nation's Gross Domestic Products. As an example, if the nation is doing poorly they can help ensure that policies be put in place that will encourage growth and investment into training talented athletes. Even if the nation is doing well, it would still be a sound idea for policymakers to see that investments are poured into their star athletes to ensure an increase
S. Demand for fuel in the United States does not necessarily create a benefit to the U.S. economy. What it does is allow Canada to sell more fuel to the United States. Moreover, American firms trade more with Canada as they begin to ramp up their economy. These trends mirror the trends with the Mexican economy as well, that country being another key supplier of both energy and general trade to
Gross Domestic Product (GDP) GDP or the Gross Domestic Product of a country is one of the basic tools used to measure how well an economy is performing. It is the measure of the value or worth of the goods and services that have been produced in an economy over a set time period. It may also be classified as the size of any country's economy and can provide as
The major revenue sources for government income are: the profits tax, the salaries tax and the property tax, which correspond to the three major classifications of taxes. The major expenditure sources are: transfer payments to persons, defense consumption and social security (BLS, 2007). For state governments, the revenue is generated by land and municipal taxes and the expenditure is generated by retirement and disability, other direct payments and grants.
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now