Economics is a study of social sciences in which it provides proper knowledge of production, consumption, and distribution of resources, goods, and services. It is helpful to determine the economic structure of any country. Before taking this course, I was not familiar with many economic terms and their implications in the countries. Due to this course, I can learn about many important topics of economics, and it increased my knowledge about the economic growth and development factors of the country. I have learned about the trade factors, different trade patterns of the countries, tariff and non-tariff barriers and their importance, financial aspects of the economy, international economics and trade trends, inflation impacts, Gross Domestic Product and its impact on the developing and developed nations, theories of economics, and the business cycle. All these factors are essential to developing an economy. Before starting this course, I was not sure about the economic structure of the United States and what are the essential elements which are impacting it positively or negatively, but due to this course, I analyzed many critical economic factors about the economic structure of the country. The most fascinating or interesting element of this course is to increase the student’s ability in a way that they are allowed to think or write creatively. Due to this course, now I can understand the news about the economy, and could easily add valuable comments on the present economic structure of the United States.
The news, data, and online resources are suggesting that the United States economy is running on a moderate level through the start of 2018. In January, the employment data showed an increased level of hiring which boosted up the annual growth rate, and it is estimated that it is the highest figure since the year 2009. The decline is estimated in the retail sales and the factory output pattern of the economy. In the given chart below, the consumer spending of the United States since 1950 till 2018 is shown. It is the difference between consumer spending which occurred in 20th and 21st century.
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The chart is showing the spending of US consumers into USD billion of rupees. In 1950, the spending was much less than today as it could be observed that the spending increased with time. In 1950, the spending was almost USD 3000 billion, but in 1963it increased to 4000 billion. There is a consistent increase the consumer spending of the United States. 1950 till 2000, The expenditure increased to 8000 billion dollars, but in the 18 years of the 21st century, it boosted up to 12000 billion dollars. It is showing that it will boost further and even with a more significant rate in less time. Mainly it is due to the inflation rates, and the population increase in the country.
In the current scenario, United States is facing several issues at its domestic level due to the huge changing trends in the global structure. But the US is consistently maintaining the title of boosted and strongest economy of the world today. According to International Monetary Fund, US has the rank of 6th in the higher GDP per capita income. The current federal outlays, and the next budget allocations will support the economic growth of the country in this year. The labor market and the household spending will show an increase in its numbers, and the business investment level is estimated flexible. But the economists suggested that the GDP of the country will increase 2.6 percent approximately, and the further coming year it will increase more (“United States Economy – GDP, Inflation, CPI And Interest Rate”).
Works Cited
“United States Consumer Spending | 1950-2018 | Data | Chart | Calendar.” Tradingeconomics.com. N.p., 2018. Web. 7 Mar. 2018.
“United States Economy – GDP, Inflation, CPI And Interest Rate.” FocusEconomics | Economic Forecasts from the World’s Leading Economists. N.p., 2018. Web. 7 Mar. 2018.
