21.1 GDP, Income, and Expenditure
MyEconLab Concept Video
Where is the U.S. economy heading? Will it remain weak, begin to expand more rapidly, or sink into a recession?
Everyone wants to know the answers to these questions. The people who make business decisions—homebuilders, auto producers, wireless service providers, airlines, oil producers, airplane makers, farmers, and retailers—want to know the answers so they can plan their production to align with demand. Governments want the answers because the amount of tax revenue that they collect depends on how much people earn and spend, which in turn depends on the state of the economy. Governments and the Federal Reserve want to know because they might be able to take actions that avoid excessive ...
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