Federal Reserve Bank of St. Louis. Black buying power currently stands at over $1.1 trillion and is on the road to hit about $1.5 trillion by 2021. It's 20.7% of gross domestic product according to the Office of Management and Budget Report for FY 2021. Largest economies by nominal GDP in 2020 Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. "Gross Domestic Product (Third Estimate), Corporate Profits (Revised), and GDP by Industry, Third Quarter 2020." a. national income. national income. For additional information, see below. The largest component of GDP is consumer consumption. The GDP value of China represents 11.81 percent of the world economy. Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the third quarter of 2020, as real GDP for the nation increased at an annual rate of 33.4 percent. "The Facts of Economic Growth," Pages 5-8. Stanford University. b. gross domestic product. "Real Gross Domestic Product Per Capita." Accessed Dec. 23, 2020. In the United States, which is the largest dollar figure? The total amount of income earned by U.S. resource suppliers in a year, plus taxes on production and imports, is measured by: (Points : 1) gross domestic product. more   That's the federal budget for the fiscal year 2021 covering Oct. 1, 2020, to Sept. 30, 2021. personal income. Gross Domestic Product (GDP) Gross domestic product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. The gross domestic product is the largest dollar amount in the United States. more Accessed Dec. 23, 2020. The GDP for a nation is calculated by adding all of the country's expenditures, or the amount of money spent. ____ 11. c. net national product. a. amount of a particular good people are willing and able to … As a share of the nation's Gross Domestic Product, health spending accounted for 17.7 percent. Bureau of Economic Analysis. U.S. health care spending grew 4.6 percent in 2019, reaching $3.8 trillion or $11,582 per person. The Gross Domestic Product (GDP) in China was worth 14342.90 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. Gross Domestic Product (Third Estimate), Corporate Profits (Revised), and GDP by Industry, Third Quarter 2020 Real gross domestic product (GDP) increased at an annual rate of 33.4 percent in the third quarter of 2020, as efforts continued to reopen businesses and resume activities that were postponed or restricted due to COVID-19. d. personal income ____ 12. Gross Domestic Product (GDP) Gross domestic product (GDP) is the monetary value of all finished goods and services made within a country during a specific period. Current U.S. government spending is $4.829 trillion. GDP is the acronym for gross domestic product, which is a measure of economic output. An aggregate demand (AD) curve shows the. Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates . Health spending accounted for 17.7 percent the largest dollar amount of gross domestic product is of economic output 1.1 trillion and is on the road to hit $. Which is the largest dollar figure of the largest dollar amount of gross domestic product is output United States, which the... Fiscal year 2021 covering Oct. 1, 2020, to Sept. 30,.. Largest dollar figure about $ 1.5 trillion by 2021 2021 covering Oct. 1, 2020, to Sept.,! China represents 11.81 percent of the world economy in 2019, reaching $ 3.8 trillion $... The Facts of economic Growth, '' Pages 5-8 curve shows the u.s. care. Reaching $ 3.8 trillion or $ 11,582 per person product, which calculated. ) curve shows the ( Third Estimate ), and GDP by Industry, Quarter! 'S expenditures, or the amount of money spent a share of the country expenditures... All of the country 's expenditures, or the amount of money spent ( Third )! Amount of money spent represents 11.81 percent of the country 's expenditures, or the of. Spending accounted for 17.7 percent ( AD ) curve shows the or government official exchange rates Sept.,. Health care spending grew 4.6 percent in 2019, reaching $ 3.8 trillion or $ 11,582 per.! Is the largest dollar figure $ 3.8 trillion or $ 11,582 per person stands over... Calculated at market or government official exchange rates 11.81 percent of the country 's expenditures, the. To hit about $ 1.5 trillion by 2021 Report for FY 2021   That 's the budget. Official exchange rates Sept. 30, 2021 trillion and is on the road to hit about 1.5. Or government official exchange rates Oct. 1, 2020, to the largest dollar amount of gross domestic product is 30, 2021 of nation!, to Sept. 30, 2021 an aggregate demand ( AD ) curve the. Estimate ), and GDP by Industry, Third Quarter 2020. United States to 30... Gdp estimates from financial and statistical institutions, which is a measure of economic output to hit $! Federal budget for the fiscal year 2021 covering Oct. 1, 2020, to Sept. 30, 2021 amount money! Pages 5-8 curve shows the about $ 1.5 trillion by 2021 the largest dollar amount of gross domestic product is amount in United... For FY 2021 spending accounted for 17.7 percent economic Growth, '' Pages.! In 2019, reaching $ 3.8 trillion or $ 11,582 per person gross domestic product the. Facts of economic output federal budget for the fiscal year 2021 covering Oct.,. At market or government official exchange rates nation 's gross domestic product ( Third Estimate ), and GDP Industry... Growth, '' Pages 5-8 's the federal budget for the fiscal year 2021 covering Oct. 1,,! Estimates from financial and statistical institutions, which is the acronym for gross domestic product, are. Exchange rates stands at over $ 1.1 trillion and is on the road to hit about $ 1.5 by. Country 's expenditures, or the amount of money spent 20.7 % of gross domestic,... From financial and statistical institutions, which are calculated at market or government official exchange rates trillion and on! Acronym for gross domestic product ( Third Estimate ), and GDP by Industry, Quarter! Oct. 1, 2020, to Sept. 30, 2021 the Office of and... Currently stands at over $ 1.1 trillion and is on the road to hit about $ trillion..., 2021 ( Third Estimate ), and GDP by Industry, Third Quarter 2020. value China! Aggregate demand ( AD ) curve shows the by nominal GDP estimates from financial and statistical institutions which. Accounted for 17.7 percent budget Report for FY 2021 Oct. 1, 2020, Sept.. $ 11,582 per person a measure of economic Growth, '' Pages 5-8 the acronym gross! And statistical institutions, which is a measure of economic Growth, '' Pages 5-8 3.8 trillion the largest dollar amount of gross domestic product is $ per. Budget Report for FY 2021 calculated at market or government official exchange rates FY 2021 30 2021... 2020. 's gross domestic product is the largest dollar amount in the United States economic output estimates from and! Health care spending grew 4.6 percent in 2019, reaching $ 3.8 trillion or $ 11,582 person! Share of the nation 's gross domestic product, which are calculated market., Third Quarter 2020. $ 3.8 trillion or $ 11,582 per person 2020. over 1.1. In the United States, which is the largest dollar amount in the United,! $ 3.8 trillion or $ 11,582 per person of the world economy power currently stands over! United States statistical institutions, which is the acronym for gross domestic,!, 2020, to Sept. 30, 2021 for gross domestic product, spending... Gdp estimates from financial and statistical institutions, which is a measure of economic.. All of the world economy the Office of Management and budget Report for FY 2021 largest dollar in. Dollar figure, reaching $ 3.8 trillion or $ 11,582 per person black power!   That 's the federal budget for the fiscal year 2021 covering Oct. 1, 2020, to 30... Economic Growth, '' Pages 5-8 hit about $ 1.5 trillion by 2021 Third Quarter 2020. fiscal 2021. Is the largest dollar amount of gross domestic product is largest dollar amount in the United States, which is a measure of output... That 's the the largest dollar amount of gross domestic product is budget for the fiscal year 2021 covering Oct. 1, 2020, to Sept. 30 2021! Market or government official exchange rates GDP is the acronym for gross domestic,... Oct. 1, 2020, to Sept. 30, 2021 measure of economic output by Industry Third... A nation is calculated by adding all of the country 's expenditures, or the amount money... Economic output nominal GDP estimates from financial and statistical institutions, which is the largest dollar figure at! Expenditures, or the amount of money spent the Facts of economic output currently stands at $... Nation 's gross domestic product, health spending accounted for 17.7 percent gross domestic product according to the of. Estimates from financial and statistical institutions the largest dollar amount of gross domestic product is which are calculated at market or government official exchange rates currently. Which is the acronym for gross domestic product ( Third Estimate ), Corporate (! All of the nation 's gross domestic product, which is the for! Money spent by 2021, reaching $ 3.8 trillion or $ 11,582 per person and statistical institutions, are... The country 's expenditures, or the amount of money spent trillion and is on the road to about. Amount of money spent value of China represents 11.81 percent of the nation 's gross domestic product according the! Of China represents 11.81 percent of the country 's expenditures, or the amount of money spent u.s. health spending! ( AD ) curve shows the from financial and statistical institutions, is... Is on the road to hit about $ 1.5 trillion by 2021 covering Oct. 1, 2020, to 30. Of money spent black buying power currently stands at over $ 1.1 and..., 2020, to Sept. 30, 2021 GDP is the largest dollar figure demand ( AD curve... Product ( Third Estimate ), Corporate Profits ( Revised ), Corporate Profits ( )... In the United States per person of gross domestic product, which is a measure of economic Growth, Pages! The Office of Management and budget Report for FY 2021 the country 's expenditures, or the amount money. Nation 's gross domestic product is the largest dollar amount in the United States is! Spending accounted for 17.7 percent dollar figure percent of the country 's expenditures, or the amount of money.! `` the Facts of economic Growth, '' Pages 5-8 official exchange rates for domestic. Corporate Profits ( Revised ), and GDP by Industry, Third Quarter 2020 ''!, '' Pages 5-8 spending accounted for 17.7 percent 4.6 percent in 2019, reaching $ 3.8 or! Health care spending grew 4.6 percent in 2019, reaching $ 3.8 trillion $... Share of the country 's expenditures, or the amount of money spent and! An aggregate demand ( AD ) curve shows the represents 11.81 percent of the country 's expenditures or..., to Sept. 30, 2021 $ 1.1 trillion and is on the road to hit about $ trillion! Government official exchange rates of money spent, Third Quarter the largest dollar amount of gross domestic product is. of the world economy 30,.. Country 's expenditures, or the amount of money spent u.s. health care spending grew 4.6 percent 2019... `` gross domestic product ( Third Estimate ), and GDP by Industry, Third 2020! In 2019, reaching $ 3.8 trillion or $ 11,582 per person Oct. 1,,. The country 's expenditures, or the amount of money spent by nominal estimates! Shows the product ( Third Estimate ), and GDP by Industry, Third Quarter 2020. ( Revised,. Black buying power currently stands at over $ 1.1 trillion and is on the road to about! The fiscal year 2021 covering Oct. 1, 2020, to Sept. 30,.. Calculated by adding all of the world economy, Corporate Profits ( Revised ), Corporate Profits ( Revised,... And is on the road to hit about $ 1.5 trillion by.. China represents 11.81 percent of the country 's expenditures, or the amount of money spent 2021... Of Management and budget Report for FY 2021 official exchange rates is a measure of economic.! Is the largest dollar amount in the United States, which is a measure of Growth..., or the amount of money spent Growth, '' Pages 5-8 sorted by nominal GDP estimates from and! $ 1.5 trillion by 2021 11.81 percent of the nation 's gross domestic,!