Current U.S. Aggregate Output

Economics / April 23, 2015 / No Comments /
The following paper assesses the standardized means of measurement with which to total, track and analyze the productivity and output of any major enterprise.

This paper explores the standardized means of measurement which covers the scope of the output of an entire nation. The author examines this highly intricate and complex process that requires a widely known and accepted method of aggregation. In measuring the aggregate output of the economy of the United States of America, this accepted method is known as Gross Domestic Product, or GDP.
“A simplified definition of GDP could be determined as “the market value for all final goods and services produced within a nation in a given time period” (Gross Domestic Product Page). This measurement of national productivity is calculated both quarterly and annually in America by the Bureau of Economic Analysis, a division of the U.S. Department of Commerce, according to a standardized process of measurement that utilizes various data sources and price indexes, most notably the widely accepted Consumer Price Index, or CPI (Eldridge PG).”

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