Compile data on US GDP for the year 2017. Using this data, create a circular flow...

Compile data on US GDP for the year 2017. Using this data, create a circular flow map of the US.

Expert Solution

GDP measures the total value of all final goods and services produced in a given economy in a year.In 2017, GDP in US was $19,519,400million.In 2017 Q4 GDP was 4,979,728 M;in Q3 2017GDP was 4,902,926M;in Q2 2017 GDP was 4,839,162M;in Q1 GDP was 4,797,608M. The GDP per capita was $60,000..

The GDP can be represented by the circular flow diagram as flow of income going in one direction and expenditure going in opposite direction .Households buy goods and services from businesses and busineses buy resources from household.The circular flow diagram shows the income and expenditure approach to calculate national income.

Rahul Sunny answered 2 years ago

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Compile data on US GDP for the year 2017. Using this data, create a circular flow...

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