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Essay / Research Paper Abstract
A 3 page paper that explains what GDP is. The paper reports recent GDP rates in the U.S. and forecasts until 2022. The paper also discusses how the GDP is calculated and why it is important. Bibliography lists 4 sources.
Page Count:
4 pages (~225 words per page)
File: ME12_PG697066.doc
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Unformatted sample text from the term paper:
It is like the size of the economy. GDP if often expressed as a comparison of two time periods, such as this year to last year or this quarter to
the same quarter last year. For instance, if the annual GDP is 3 percent, it means that the economy has grown by 3 percent over last year. It is
very complicated to measure GDP. There are typically two ways to calculate the GDP, the income approach or the expenditure approach. Using the income approach, economists calculate what all the
people in the country earned during that period of time. Using the expenditure approach, economists calculate what everyone spent (Investopedia, 2012). Both approaches should add up to the same amount.
The income approach includes a number of variables, such as compensation paid to employees, gross profits, and taxes. The expenditure approach adds up total consumption, including investments, government spending,
and exports (Investopedia, 2012). Expenditures are used more often. The nominal GDP is easiest way to express GDP because it is a direct method that is expressed in terms
of dollars. The real GDP is adjusted for changes in prices in the economy (Stanford, 2008). Real GDP is always expressed relative to a base year. For instance, the real
GDP could be expressed in 2000 dollar prices. It considers the prices in 2000 as a basis for beginning the calculations. We often hear someone say something like in terms
of 2005 prices. Subsequent GDP growth is adjusted to remove the impact of inflation in the average prices of that base year (Stanford, 2008). GDP may also be expressed in
terms according to a per capita formula (Stanford, 2008). This statistic is achieved by dividing the GDP by the number of people in that country. This statistic reflects the standard
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