1.state of the United States economy based on your observation of six important economic indicators 2.Define...

1.state of the United States economy based on your observation of six important economic indicators

2.Define the six economic indicators you have chosen and discuss how this data is obtained and calculated

Expert Solution

1. Economic indicators hell in analyzing the current economic performance and also help in predictions of future economic performance. They are very much critical for analyzing the economic conditions and take actions accordingly to meet the requirement for better economic conditions. Six important economic indicators are mentioned below -

Variance in GDP
Average Income and wages
Unemployment rate
Currency strength
Balance of Trade
Interest Rates

2. Detail about the economic indicators are mentioned below -

Variance in GDP - This is the most critical economic indicator that measures the value of net goods and services produced in a certain time frame. GDP is calculated as - Private consumption + gross investment + government expenditure + net trade value
Average Income and wages - Average income is the total average amount being possessed by individual in the nation and average wage is the average salary being earned by each individual. Average income includes both average wage + average profits. Average income is calculated by total income of the nation divided by the total number of employee of the nation. Average wage is calculated by total salary of all the employees of the country divided by total employee of the nation.
Unemployment rate - Unemployment rate is the measure of citizens, who are unemployed vs total citizens of a nation. It measures the earning capability of a nation.It is calculated as total number of unemployed population divided by total population of the nation
Currency strength - Currency strength is the currency equivalent of a nation in comparison to 1 unit currency of US.It means, what is the equivalent currency amount of a nation for 1 unit currency of US. It is calculated as difference in exchange rate of currencies divided by market exchange rate
Balance of Trade - It is defined as maintaining a standard difference between value of imports and value of exports. Balance of trade helps in calculating other economic indicators. It is calculated as difference in value of net imports and value of net exports
Interest Rate - Interest rate is defined as the interest rate being set by central bank of the country. Interest rate is defined as the percentage of principal amount charged, which is being borrowed for different requirements. It is defined by the government's economic observers based on stable prices and liquidity.

Rahul Sunny answered 2 years ago

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