Per-capita GDP (constant LCU) The definition is long. Gross domestic product divided by midyear population equals GDP per capita. Gross domestic product (GDP) at purchaser’s prices is the sum of gross value contributed by all resident producers in the economy, plus any product taxes, minus any subsidies not included in the product value. What is […]

It is the long-run aggregate supply of an economy. The economy will completely utilize all of its resources and perform at maximum capacity at this level of output. With greater quantity and improved quality of production factors and technology, potential GDP rises. What causes a rise in potential GDP? The size of the labor force

Personal consumption, private investment, government spending, and exports are all factors that go into calculating a country’s GDP (minus imports). In the United States, who determines GDP? Gross domestic product, or GDP, is the most widely used indicator of national economic growth. The Bureau of Labor Statistics (BLS) of the United States collects and compiles

Small businesses are an important part of the American economy. There are more than 27 million small enterprises in the United States, and they account for over half of the country’s gross domestic product (GDP) (Office of Advocacy, 2010). The business world as we know it now is molded by the millions of people who

Personal consumption expenditures (PCE), federal government spending, state and local government spending, residential fixed investment, and exports all contributed to the increase in real GDP in the fourth quarter, which was partially offset by negative contributions from private inventory investment and nonresidential fixed investment. Imports, which are deducted from GDP calculations, declined (table 2). The