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Finance/Economics research paper - Essay Example
Author : pagacdonato
Finance & Accounting
Pages 7 (1757 words)
Economic Indicators: A Closer Look at GDP and Unemployment Your Name Due Date Introduction The average American would, generally, not pay much attention to the specifics of the economy’s status of the United States. However, due to the most recent economic crisis, which still continues to negatively cripple financially many United States citizens, that “norm” has changed…
One of the many contributing factors used to determine the status of the economy as well as the logical near future outcomes for the economy are economic indicators. Economic indicators, a set of statistics used to help gauge the economy, are important and extremely depended upon. Two of these important indicators are the Gross Domestic Product (GDP) and the Unemployment Rate. Background The most basic definition of an economic indicator refers to it being any economical statistics, from different sources, which literally indicates whether the economy is doing well or doing poorly. There are a number of different economic indicators that provide different focuses of information and serve differing purposes; also, not all indicators are available or reviewed at the same time. In order to understand the differences, it is essential to look at the basic background of how indicators are categorized. There are three different aspects of economic indicators. The first one, Relationship to the Business Cycle/Economy, is based on how a particular indicator moves in relation to the economy. Procyclic indicators move along with the economy, mirroring its motion. ...