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The Internet sector accounts for 10% of US GDP

Summary

GDP and the Circular Flow- Macro Topic 2.1 Description video: In this episode I explain the Gross Domestic Product (GDP), the three ways it is calculated, and connect it to the financial sector. I also explain how George Washington’s death […]

GDP and the Circular Flow- Macro Topic 2.1

Description video:
In this episode I explain the Gross Domestic Product (GDP), the three ways it is calculated, and connect it to the financial sector. I also explain how George Washington’s death is similar to the Great Depression. Weird huh? Thanks for watching. \n\nThe answers to the multiple-choice questions are below: \n1. A\n2. C\n3. D\n4. C \n\nHow to download the Circular Flow and GDP Practice Sheet\nStep 1: Go to: https://acdcecon.thinkific.com\nStep 2: Create a free account\nStep 3: Enroll in the free version of the MACROeconomics packet (either AP or College)\nStep 4: Go to Unit 2- \”Circular Flow and GDP Practice Sheet (with answers)\”\nStep 5: Download the PDF, fill it out, and check your answers \n*Note* Teachers- Do not print the practice sheet and give it to your students. This is NOT for in-class use. If you are interested in getting worksheets for your class, please go to my website: https://www.acdcecon.com/bulk-discount\n\nCircular Flow Video- https://youtu.be/mN5HPJYJzus\nEconmovies Cars Video- https://youtu.be/KZaB1U3k0j8

The Internet sector accounts for 10% of US GDP

In 2018, the fast-growing internet sector accounted for $ 2.1 trillion in the U.S. economy, or about 10% of the country’s gross domestic product (GDP), an industry group said Thursday..

The Internet sector accounts for 10% of US GDP

The Internet Association, a group representing Amazon.com Inc, Facebook Inc, Alphabet Inc, Twitter Inc, Uber Technology Inc and many more firms, has released its estimates as the tech sector comes under increasing criticism, with some lawmakers calling for large firms to split, renewed antitrust investigation.

The study says the Internet sector is the fourth largest sector of the US economy, after real estate, public sector and manufacturing..

According to April estimates by the US Bureau of Economic Analysis (BEA), «digital economy» amounted to 6.9% of US GDP or $ 1.35 trillion in 2017, which puts it in seventh place overall. This definition includes digital technology infrastructure, e-commerce transactions and digital media, but does not include goods and services related to the economy. «sharing».

The Internet Association’s study used 2018 government census, BEA, and SEC data to assess the contribution of the Internet sector to the American economy. Group chief economist Christopher Hooton said the internet industry «creates jobs in every sector of the economy», and said the new analysis more accurately captures the economic impact of the internet.

The BEA study notes that workers in the US digital economy received an average of $ 132,223 in compensation for their work in 2017, compared to $ 68,506 per worker on average..