One mean of determining the size and strength of a country's economy is through nominal Gross Domestic Product (GDP). The Economics Glossary defines GDP as "the gross domestic product for a region, wherein the GDP is "the market value of all the goods and services produced by labor and property located in" the region, usually a country.How do you navigate economic statistics?
The primary means of navigating economic statistics is by looking at indicators on a country basis. These indicators are typically calculated by national government ministries, agencies or central banks, and then comparables are built by intergovernmental agencies.What is the economic overview of the United States?
Economic Overview of the United States. Despite facing challenges at the domestic level along with a rapidly transforming global landscape, the U.S. economy is still the largest and most important in the world. The U.S. economy represents about 20% of total global output, and is still larger than that of China.How does the US economy maintain its powerhouse status?
The U.S. economy maintains its powerhouse status through a combination of characteristics. The country has access to abundant natural resources and a sophisticated physical infrastructure. It also has a large, well-educated and productive workforce.