Ergonomic M1 M2

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Submitted By shaw0033
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Assignment 2: What is Gross Domestic Product? 1. GDP for 2009?
According to the NIPA Tables 1.1.5, 2012 the Real GDP (Gross Domestic Product) for 2009 was 13,973.7. a. What does GDP tell us?
The GDP acts as a yardstick used to gauge information concerning a country’s economy. It also tells us s the total dollar value of all services and goods made during a particular time period. b. How did GDP change from 2008?
In the first two quarters, GDP saw growth. Although the GDP began to slightly decline in the third quarter, the importing and exporting of services and goods actually increased. The real GDP and the personal consumption expenditures decreased in the fourth quarter. c. What caused these changes?
The economy was stagnant which resulted in a recession. When a recession happens private investment and personal consumption expenditures dramatically decrease. 2. What was GNP for 2009? According tp the NIPA Tables 1.7.5, 2012 The GNP for 2009 was 14,117.20. a. What is the difference between GDP and GNP?
The total market value for all services and goods produced in the United States is defined as GDP (Gross Domestic Product) . The total market value for services and goods which were created by labor is the GNP (Gross National Product). b. How did GNP change from 2008?
GNP increased throughout 2008 but started decreasing in 2009. The labor force was climaxing in late 2008. Then it began to decline again as ‘discouraged workers’ gave up on finding jobs and droped out of the labor market and stopped looking for work. In he spring of 2009 the unemployment rate had reached 9.4%, the highest it has been in over 20 years.
c.What caused these changes?
The GNP changes in 2008 were caused by a variety of events; adverse productivity shocks, a collapse in the international trade market, and a surge in demand for…...

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