Gdp

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GDP stands for gross domestic product, which is the total value of all final goods and services produced in a year. The United States leads in both total GDP and GDP per capita, which measures output per person. The unemployment rate represents the percentage of the labor force that is unemployed, which lowers GDP, and in North Carolina it is currently 4.0%. Personal income includes salaries, wages, investment income, and government payments to individuals. Productivity is output per unit of input, and improvements in capital resources can boost productivity. Components of GDP include consumer spending, business spending, government spending, and net exports.

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In late 2007, the United States fell into a "Great Recession." According to the National Bureau of Economic Research the recession officially ended in June 2009, but it took several more years for average household income and expenditures to exceed their 2008 levels in nominal terms. The recession lowered household income and consumer expenditures across all income groups. This Spotlight on Statistics examines trends in income and expenditures and how unevenly the gains were distributed across socioeconomic groups.

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BUSI 223 Exercise 6 Instructions 1. How much life insurance do you need? Using the Life Insurance Calculator, enter the information and post your results in the textbox section of the assignment link. You do NOT need to get actual quotes, just see how much you need. 2. Decide which health care plan you would choose. Looking at eHealth Insurance, enter your information (or you can make up information), and then pick 3 companies to compare. Again, you do not need to input personal information. You must only fill in the gender, birth date, tobacco use, college student, and zip code information. Copy and paste the results of the 3 companies that you compared into a Microsoft Word document and attach it in the Module/Week 6 assignment link. Choose the 1 plan that you would suggest and explain why you chose that particular plan. Submit this assignment by 11:59 p.m. (ET) on Monday of Module/Week 6. Lecture 2 Chapter 7 Measuring Domestic Output and National Income Assessing the Economy’s Performance National income accounting measures economy’s overall performance Bureau of Economic Analysis compiles National Income and Product Accounts Assess health of economy Track long-run course Formulate policy National income accounting does for the economy what private accounting would do for an individual household or business. The Bureau of Economic Analysis, an agency of the Department of Commerce, compiles the data and reports it in National Income and Product Accounts. This information is used by economists and policymakers in formulating decisions for the best interest of the nation. Gross Domestic Product(GDP) GDP is the dollar value of all final goods and services produced within the borders of a country during a specific period of time. Measure of aggregate output Monetary measure Avoid multiple counting One way to avoid multiple counting is to include market value of final goods and ignore intermediate goods Another approach is to count value added The primary measure of the economy’s performance as a whole is its aggregate output. This is most commonly calculated as Gross Domestic Product, or GDP. GDP is a monetary measure in that everything is valued in dollars. All goods and services produced must be converted into dollar values for GDP to work. To avoid multiple counting of goods, GDP includes only the market value of final goods and ignores intermediate goods, which are goods either purchased for resale or for further processing into final goods. GDP could also avoid multiple counting by counting only the value added at each stage. Value added is the market value of a firm’s output less the value of the inputs that the firm purchased from others. Intermediate goods are products that are purchased for resale or further processing or manufacturing. Final goods are products that are purchased by their end users.e.g Lettuce, carrots and vinegar in restaurant salads are intermediate goods, restaurant salads are final goods. Monetary Measu ...

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Gdp