Now that you know about GDP and how to calculate GDP, use one of the web sites www.bea.gov and www.bls.gov and do some research. In a 1-2 page paper, do the following:
First, find GDP numbers for the U.S. China, India, and Turkey.
Second, find the level of consumption spending in the U.S. economy for the past 40 years. Also do the same thing for gross Investment spending, government spending, and net exports.
Third, begin to think like an economist and analyze what accounts for the GDP numbers of the U.S. China, India, and Turkey. That is, which one of the four components of GDP did you find in your research accounts for the growth rates of these nations? Also, what accounted for the change in spending in the four components to GDP in the U.S. economy for the past 40 years?
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