This essay question has 3 parts:
You need to modify the figures in the slide using most recent statistics, and copy and paste this slide into a MS Word document. THIS IS THE SLIDE THAT NEEDS TO BE in RECENT STATISTICS…..
Regardless of your field of study, it is important to develop an understanding of the broad economic context where businesses operate.
The gross-domestic product (GDP) is the value of the total production of all citizens and firms in a country.
The US GDP is about $20 trillion (T), the largest in the world. Chinas GDP is $14 T; $18 T for the combined European Union
US GDP grew at 2.3% in 2019. The historical growth since the end of WWII is 3%. It declined by 3.5% in 2020.
The U.S. GDP per capita is about $63,000, the 8th largest in the world. Chinas is $10,000; Luxembourgs $104,000.
The US government spends more than it collects. The federal deficit was very high in 2019 (about $1 T) but it increased to about $3 T in 2020, the largest deficit as a proportion of the GDP since 1945.
Unemployed workers are those over 15 years of age who are currently not working but have actively searched for work. The unemployment rate is the proportion of unemployed to the total workforce.
The unemployment rate in Jan 2020 was 3.6%, significantly lower than the 5.8% average rate since WWII. Because of COVID this rate increased to 10.2% by July 2020. In January 2021 it was 6.3%.
Inflation is the rate where the price level of goods and services rises.
As inflation grows, consumer purchasing power declines. The percentage change in prices for all items less food and energy rose 1.4% over 2020, which is below historical standards (around 3.2% since the end of WWI).
The recent growth has been favored by low interest rates. The target federal fund rate is 0 to 0.25% which is very low for historical standards. The 30-year treasure yield on January 2021 was 1.6%.
This data is rom the Federal Reserve, the OECD, and the BLS
https://fred.stlouisfed.org/series/CPGDPAI
https://data.oecd.org/unemp/unemployment-rate.htm
https://www.bls.gov/news.release/cpi.nr0.htm
https://fred.stlouisfed.org/series/DFF/
Important: Please, do not copy and paste from any material. I would like to read your own explanation.
Expected length and format. Each part should have a minimum of 1 page (so at least 3 pages) written in MS Word, you can use font Times New Roman 11 and with the format (Paragraph tab in Microsoft Word): Indentation Left/Right = 0; Spacing before/after =0. Line spacing = 1.5
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