1. Consider the GDP data from 2006 through 2020. Using bullet points, list and explain macroeconomic observations from the data. Use sound economic logic to explain how the data relate to relevant economic concepts.
2008 2009 2012 2013 2016 2017 2018 2019 2020 2006 2007 2010 2011 2014 2015 13814.6 14451.9 14712.8 14448.9 14992.1 15542.6 16197 16784.9 17527.3 18238.3 18745.1 19543 20611.9 21433.2 20934.9 Gross domestic product - billions of dollars 9260.3 9706.4 9976.3 9842.2 10185.8 10641.1 11006.8 11317.2 11822.8 12297.5 12770 13340.4 13993.3 14544.6 14146.7 Personal consumption expenditures 3239.7 3367 3363.2 3180 3317.8 3518.1 3637.7 3730 3863 3923 3998.4 4172.3 4371.9 4512.2 4660.4 Goods 1012.1 1049 1093.5 1144.2 1189.4 1242.1 1307.6 1350.2 1410.7 1481.6 1534.4 1619.6 Durable goods 1158.3 1188 1098.8 2977.9 3040.8 Nondurable goods 2081.3 2179 2264.5 2167.9 2268.9 2424.6 2493.5 2540.6 2620.9 2615.4 2648.1 2761.6 2890.3 6020.7 6339.4 6613.1 6662.2 6868 7123 7369.1 7587.2 7959.8 8374.5 8771.6 9168.1 9621.4 10032.4 9486.3 Services 2701 2673 2477.6 1929.7 2165.5 2332.6 2621.8 2826 3044.2 3237.2 3188.3 3351.1 3632.9 3751.2 3602.4 Gross private domestic investment 3575.1 3702.1 3678.8 Fixed investment 2632 2639.1 2506.9 2080.4 2111.6 2286.3 2550.5 2721.5 2960.2 3100.4 3160 3334.8 1793.8 1948.6 1990.9 1690.4 1735 1907.5 2118.5 2211.5 2400.1 2466.6 2460.5 2574.5 2776.7 2895 2793.7 Nonresidential 379.8 404.5 479.4 492.5 577.6 584.4 560.3 599.1 631.4 650.2 425.2 571.1 455.8 587.3 Structures 510.3 Equipment 862.3 893.4 845.4 670.3 777 881.3 983.4 1027 1091.9 1119.5 1088.6 1122.2 1213.4 1241 1176.8 853.2 931.8 1003.8 1029.6 Intellectual property products 506.3 544.8 574.4 564.4 578.2 621.7 655.7 691.9 730.5 762.7 811.7 690.5 516 390 376.6 378.8 432 510 560.2 633.8 699.5 760.3 798.5 807.1 885 Residential 838.2 69 34 -29.2 -150.8 53.9 46.3 71.2 104.5 84 136.8 28.4 16.3 57.7 49.1 -76.3 Change in private inventories -396.5 -513.9 -579.5 -568.6 490.8 -507.7 -526.6 -512.5 -555.5 -609.5 -610.5 -644.9 Net exports of goods and services -770.9 -718.4 -723.1 2528.7 2514.8 2126.6 Exports 1472.6 1660.9 1837.1 1582 1846.3 2103 2191.3 2273.4 2371.7 2265.9 2227.2 2374.6 1272.4 1462.3 1521.6 1559.2 1615 1494.6 1444 1541.8 1663.9 1636.7 1417.8 Goods 1044.9 1 161.3 1292.5 1058.4 427.7 499.6 544.5 523.6 573.8 640.7 669.7 714.2 756.7 771.3 783.2 832.8 864.8 878 708.8 Services 2379.3 2560.1 1978.4 2360.2 2682.5 2759.9 2764.2 2879.4 2792.4 2739.7 2930.1 3138.2 3125.2 2771.5 Imports 2243.5 1895.7 1999.7 2144.3 1585.4 1944.8 2240.5 2301.4 2296.4 2391.6 2288.1 2221.1 2376.9 2565.6 2525.6 2308.2 Goods 393.1 415.4 441.9 458.5 467.8 487.8 504.4 518.6 553.2 572.6 599.6 463.4 Services 347.8 379.6 415.9 3407 3595.2 3747.9 3830.7 Government consumption expenditures and gross investment 2624.2 2790.8 2982 3073.5 3154.6 3148.4 3137 3132.4 3168 3230.2 3299.3 1000.7 1050.5 1150.6 1218.2 1297.9 1298.9 1286.5 1226.6 1215 1220.8 1234.7 1263.9 1339.4 1419.2 1484.5 Federal 794.3 852.4 885.6 National defense 640.8 679.3 750.3 787.6 828 834 814.2 764.2 743.4 729.7 728.7 747.2 359.9 371.2 400.2 430.6 469.9 465 472.4 462.4 471.6 491 506 516.6 545.1 566.7 598.9 Nondefense 2346.2 State and local 1623.5 1740.3 1831.4 1855.3 1856.7 1849.4 1850.5 1905.8 1953 2009.4 2064.6 2143.2 2255.7 2328.7
