Analyzing Gross Domestic Products

Week XX (Enter Week) GDP Assignment
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FIN100M: Principles of Finance
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Week XX (Enter Week) GDP Assignment
Question
Your Response (Type your responses to each question below.)
In your own words, what does GDP stand for? What is it?
GDP is an abbreviation for Gross Domestic Product. It is the total market or monetary value of all the services and finished goods produced in a specific period of time within the country's borders.
Using Google or any other search engine, report the current GDP. The number you are looking for is in trillions of dollars.
Example: 2.1 Trillion
2020 GDP stood at $20.93 trillion.
Using Google or any other search engine, report the current Federal debt in trillions of dollars.
Example: 2.1 Trillion
The federal debt stood at $26.9 trillion by the end of September 2020.
Using Google or any other search engine, report the bottom line of the current (latest) budget approved by Congress in trillions of dollars (surplus or shortage). Note that the fiscal year for the federal government is October 1 – September 31.
For this question, please report Outlays.
Example: 2.1 Trillion
A deficit occurs when the amount of the income received through standard operations exceeds the current expenses. In 2020, the federal government had a deficit of $3.1trillion which was triple the figure compared to the year 2019. The budget deficit occurs when the government spends more than it receives from other revenue and taxes, excluding the debt (Deficit Tracker, 2021). The budget deficit was caused by the COVID 19 pandemic (Makridis and Hartley,2020). Furthermore, the tax cuts that President Trump initiated contributed to an increase in the deficit. The deficit difference was also attributed to the federal outlaws decreasing from the administration of small businesses such as paycheck protection programs, which accounted for half of the government spending. Additionally, the unemployment compensation outlays increased government spending.
Using Google or any other search engine, report the bottom line of the current (latest) budget approved by Congress in trillions of dollars (surplus or shortage). Note that the fiscal year for the federal government is October 1 – September 31.
For this question, please report Revenues.
Example: 2.1 Trillion
To ensure funding is allocated towards the country's program and services, the USA government creates a budget for each fiscal year. Money that is used for the budget comes from the sale of treasury bills and taxpayers' taxes. $4.79 trillion was the latest budget approved by Congress in 2020(D...