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23 notes - Average annual growth rate of real GDP per...

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18:19 List of Data Describing the Economic Development status of the US First, General Info: “Mixed” economy with emphasis on markets Population : 310,232,863 (July 2010) Next, some output based data: Note: (1) real v. nominal figures; (2) purchasing power parity (ppp) GPP : Total market value ($) of all final goods & services produced in  domestic economy in a year o GDP (2009) est; PPP); $14.26 trillion Real Growth Rate of GDP o 2009 est: -2.4% o 2008 est: 0.4% o 2007 est: 2.1 % o 2006 est: 2.7% AVERAGE annual growth rate of real GDP for past 250 years is about  3%.  KNOW THIS Per Capita GDP: $46,400 o Doesn’t include household production, black market, and leisure o GDP Mirage article says GDP doesn’t include intangible investment  service markets
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Unformatted text preview: Average annual growth rate of real GDP per capita for past 250 years is 2% KNOW THIS Real GDP per capita n various regions of the US has been noted to CONVERGE • Linked to labor migration o Higher wages in the labor exporting region and lower wages in the labor importing region results in wage convergence. • Linked to capital migration o Higher wages in the capital importing region and lower wages in the capital exporting region results in wage convergence Fostered by government encouragement of free trade between states – US is a “free trade” area within its own borders Considering output based data does not give a full pictures of economic well being Income distrubuiton and mobility 18:19 18:19...
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