chapter3 - TheU.S.Economy: AGlobalView CHAPTER2...

Info iconThis preview shows pages 1–12. Sign up to view the full content.

View Full Document Right Arrow Icon
CHAPTER 2 The U.S. Economy:  A Global View
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
What America Produces With less than 5 percent of the world’s population . .  and 12 percent of the world’s arable land . . the U.S. produces more than 20 percent of the  world’s output. LO1
Background image of page 2
GDP Comparisons Gross Domestic Product  ( GDP ) is the total market  value of all final goods and services produced  within   a nation’s borders in a given time period. It is the basic measure of an economy’s size. LO1
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Comparative Output 2005 Gross Domestic Product (GDP) (in trillions of U.S. dollars) LO1
Background image of page 4
Per Capita GDP Per Capita GDP  is the dollar value of GDP divided by  total population; average GDP. It indicates how much output the average person  would get if all output were divided up evenly among  the population. LO1
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
GDP Per Capita Around the World LO1
Background image of page 6
GDP Growth Economic growth  is the increase in output (real  GDP) – an expansion of production possibilities. U.S. output grows by roughly 3 percent per year. U.S. population grows by 1 percent per year.
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
U.S. Output and Population Growth Since 1900 200 400 600 800 1,000 1,200 1,400 1,600 1,800 INDEX OF REAL OUTPUT AND POPULATION (1900 = 100) 1920 1940 1960 1980 YEAR 2000 1900 Increasing GDP per capita Real GDP Population
Background image of page 8
Poor Nations The populations of rich countries are growing slowly  so that gains in per capita GDP are easily achieved. The populations of the poorest countries are still  growing rapidly, making it difficult to raise living  standards.
Background image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 10
A century ago, about two-thirds of U.S. output  consisted of goods while one-third of output  consisted of services. Today, nearly 75 percent of U.S. output consists of  services, not goods. LO1
Background image of page 11

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 12
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/11/2010 for the course ECON 2301 taught by Professor Ramya during the Spring '10 term at Dallas.

Page1 / 36

chapter3 - TheU.S.Economy: AGlobalView CHAPTER2...

This preview shows document pages 1 - 12. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online