Essay about Us Economy and Gdp

1503 Words Oct 1st, 2015 7 Pages
1. In 4-5 paragraphs, discuss the history of the US economy including productivity, growth, markets and government regulations.

2. In 2-3 paragraphs explain GDP: what items are included & excluded and why intermediate goods and services are usually not included directly in GDP.

3. Rank, i.e. list, the following in order of increasing (from negative to positive) cross – price elasticity of demand with coffee. Explain your reasoning.
- Bleach
- Tea
- Cream
- Cola

4. In 3-4 paragraphs, provide examples and discuss how the “Rules of the Game” impact the US economic growth and productivity. What current US economic Rules of the Game are impacting economic growth today?

5. In 2-3 paragraphs, discuss how markets coordinate the
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Millions were out of work. The government began public works projects to help bring growth back to the economy

World War II brought the US out of this period of slow growth. The military needed tanks, planes, guns, and everything else needed for the war effort. People were either back to work or overseas fighting. Production and growth rates reached new highs.

At the end of the war, growth continued through the seventies. People were seeing a better standard of living that ever before. Highways ran across the nation, and people bought cars to travel for fun.
Later, the seventies brought an economic downturn, which did not last too long. Technology was no the horizon, bringing things like the mini transistor, and eventually the microchip. This brought on a new revolution. Companies promised paperless offices and copy machines replaced secretaries. Eventually computers increased production in offices and factories. Growth opportunities in semiconductors spawned new markets and even new areas like Silicon Valley.

The most recent breakthrough is the internet. It brought any information to anyone, in an instant. Productivity skyrocketed in areas like research and development and for researching mid term exams on economics, particularly on questions about the history of the US economy.

While this is a quick recap of production and growth over the past 200 years, it is not over.…