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US Economy

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US Economy

G
Global Knowledge Studios

2 Views • Jun 02, 2020

Wikipedia Context

An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone.

Full Article

Description

US economy! United States economy explained including US labor market, trade balance in goods and services and top US exports. Furthermore, the United States’ standard of living, the US budget deficit, the country’s government debt in relation to GDP as well as an economic projection for 2020 are presented.

The United Sates has the world’s largest economy in terms of nominal GDP. The country’s nominal GDP in 2018 was 20 544 billion USD or 20.5 trillion.
https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=US&most_recent_value_desc=true


Sources

GDP (current US$, 2018):
https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=US&most_recent_value_desc=true

US Population
https://www.worldometers.info/world-population/us-population/

GNI per capita, Atlas method (2018, current US$):
https://data.worldbank.org/indicator/NY.GNP.PCAP.CD?locations=US

Labor Force
(the labor force includes employed workers and unemployed workers that are actively seeking work)
https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=US

Unemployment Rate
https://tradingeconomics.com/united-states/unemployment-rate

Employment in agriculture, industry and services
https://data.worldbank.org/indicator/SL.AGR.EMPL.ZS?locations=US
https://data.worldbank.org/indicator/SL.IND.EMPL.ZS?locations=US
https://data.worldbank.org/indicator/SL.SRV.EMPL.ZS?locations=US

Exports, Imports, Trade balance - 2019 data derived from the ITC (International Trade Centre):
https://www.trademap.org/Country_SelProductCountry_TS.aspx?nvpm=1%7c842%7c%7c%7c%7cTOTAL%7c%7c%7c2%7c1%7c1%7c3%7c2%7c1%7c2%7c1%7c1

United States Top 10 Exports
http://www.worldstopexports.com/united-states-top-10-exports/

Budget Deficit
https://tradingeconomics.com/united-states/government-budget

Government Debt-to-GDP ratio in 2019:
https://tradingeconomics.com/united-states/government-debt-to-gdp

Economic Growth
International Monetary Fund - World Economic Outlook, April 2020: The Great Lockdown
https://www.imf.org/en/Publications/WEO/Issues/2020/04/14/weo-april-2020