Question

Services account for the greatest proportion of the GDP of the United States. Consider the nature
of professional services (e.g. financial planning, legal, consulting, agencies, accountants, mechanics). Suppose
you had a friend that has a small financial planning business including a web page. If she/he were to ask you for
basic guidelines regarding search optimization and paid search ads (i.e. what you’ve learned in in the book
and during lecture), what would you recommend initially? What about the benefits of social media? Why
might networking with thought leaders in her/his community be important for her/his business as well?

Answer 1

Gross domestic product(GDP) is the market value of all the final goods and services in the country for a given year. The countries are sorted according to the next estimate of GDP. By financial institutions and statistics calculated at market rates or official government exchange rates. The by-products do not take into account the differences in the cost of living in different countries, and the results can vary greatly from year to year, depending on the country's exchange rate fluctuations. Such variability can change the ranking of a country from year to year, although they often make little difference in the living standards of the people.

Comparison of national wealth is also often made on the basis of purchasing power parity(PPP) to correct differences in the cost of living in different countries. PPP eliminate the exchange rate problem, but it has its drawbacks. It does not reflect the value of economic results in international trade, regardless of differences in the quality of goods and services between countries, and also requires higher estimates than by-products. Basically PPP per capita is not much more than local product GDP per capita.

The United States is the world's largest economy with a GDP of $ 20.513 trillion, largely due to high incomes, large population, investment, capital, unemployment, low consumer spending. High, young population and technological innovation. Tuvalu is the smallest national economy in the world with a GDP of about $ 32 million due to its small population, lack of natural resources, reliance on foreign aid, low capital investment, demographic issues and low middle income.

Although the ranking of the national economy has changed significantly in the past, the United States has maintained its position after the Gilded age, a period in which its economy grew rapidly beyond the United Kingdom and the Qing Dynasty in total production. After China's transition to a market-based economy through privatization and revocation, the country noted that its ranking had risen from ninth in 1978 to second in the United States. 2016 due to increased economic growth and global share of GDP increased from 2% in 1980 to 15% in 2016. When senior members join, the EU is the world's second largest economy. It is the highest number since 2004, when 10 countries joined the union, until 2014, when it was defeated by the United States.

The first list includes forecasts compiled by the International Monetary Fund's World Economic Outlook, the second list includes data from the World Bank, and the third list includes data compiled by the United Nations Statistics Office. The latest IMF data for the past year and forecast for the current year are released twice a year in April and October. Non-sovereign entities (the world, continents and some dependent territories) and limited internationally recognized countries are listed where they appear in various sources. These economies are not in the rankings here, but are listed chronologically by GDP for comparison. In addition, the subject of sovereignty is marked in italics.