RUNNING HEAD: Gross Domestic

Gross Domestic Product
By: Amy Montes
AIU online
Busn300-110

The Gross Domestic Product is defined as the market value of the goods and services that are produced by a country. The GDP is calculated three different. The expenditure approach this will calculate the final spending on goods and services. The Product approach is calculated by the market value of goods and services produced. Lastly the income approach this would be the sum of the income received by all the producers in the specific country.
Gross Domestic is a measure of the nation’s economic income and the output. The GDP is the total market value and is also measured in dollars. Each year the final goods and services are produced. When a merchandiser makes a purchase of goods and services they are delivered from business to households that are in exchange for payments such as money. When the person of that household makes the payment thee money is then turned into the business to pay for taxes. Look at it this way. One persons spending is another person’s income. To increase living countries will increase their Gross Domestic product growth. The Growth Rate is determined by the Bureau of Economic Analysis. Each quarter the BEA will estimate the data.
In the year 2010 the GDP in the United States was 14.7 trillion. The Bureau of Economic Analysis( BEA) will accurately compare a year to year report to determine the real GDP. The Gross Domestic product increased 3.1 percent in the fourth quarter of 2010. This increase reflects on the consumption expenditures. From 1947 until 2010 the United States GDP was 3.30 percent reaching a historical high of 17.20 percent. (Trading economics, 2010) I n March 1950 a record of -10.40 percent in 1958. The economy shows that the United States in a market oriented for private individuals a business firms.
The United States