A Guide to the Bureau of Economic Analysis

What is the Bureau of Economic Analysis?

The Bureau of Economic Analysis is a Federal agency in the United States Department of Commerce that provides critical economic statistics, most notably the gross domestic product of the United States. The stated mission of the Bureau of Economic Analysis is to “promote a better understanding of the United States economy by providing the most timely, relevant and accurate data in an objective and cost-effective manner.”

Bureau of Economic Analysis Quick Facts:

The following details outline the administration of the Bureau of Economic Analysis:

The Bureau of Economic Analysis was formed on January 1st of 1972.

The headquarters of the Bureau of Economic Analysis are located in Washington D.C.

The Bureau of Economic Analysis is responsible for the jurisdiction over the Federal Government of the United States of America

The head of the Bureau of Economic Analysis is Director J. Steven Landefeld

The preceding agency of the Bureau of Economic Analysis is the Office of Business Economics. The parent agency of the Bureau of Economic Analysis is the Economics and Statistics Administration

What is the Gross Domestic Product?

The Gross Domestic Product or GDP, refers to the market value of all final goods and services produced within a country in a specified time period—usually a fiscal year. The Gross Domestic Product is often considered a primary indicator of a country’s standard of living. As a vital economic statistic, the gross domestic product is related to national accounts and is a fundamental subject in macroeconomics.

The Gross Domestic Product can be determined in three specific ways, each of which should yield the same numerical value. The three ways for determine the GDP are the product (or output) approach, the expenditure approach and the income approach. The most common approach for calculating a nation’s GDP is the product approach, which sums the nation’s outputs of every class of enterprise.

The expenditure approach uses to principle that all of the product must be purchased by somebody, as a result, the value of the total product must equal the population’s total expenditures for buying products or services. The income approach uses the principle that the incomes of the productive factors must be equivalent to the value of the nation’s total production—this approach calculates GDB by finding the sum of all producers’ incomes.

Government Agency of the Executive Branch

Government agencies are defined as organizations, councils, and offices operating under the jurisdiction of the Federal Government of the United States of America; each federal agency retains specific administrative jurisdiction over specific facets latent within the operations of the United States Government.

The Bureau of Economic Analysis functions as a government agency under the Executive Branch of the United States government, which is comprised of 3 total branches; in addition to the Executive branch – which is responsible for the regulation and enforcement of operational legislation existing within the United States of America – there also exists the Legislative and Judicial Branches.

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