There are many online resources that cover GDP. For example, you can watch a video from the Federal Reserve Bank of St. Louis at the link below:

https://www.stlouisfed.org/education/economic-lowdown-video-series/episode-7-gross-domestic-product

GDP is an important part of National Income and Product Accounts (NIPAs). Composition of output produced and uses of income are discussed in a paper by the U.S. Bureau of Economic Analysis (BEA) entitled "Measuring the Economy: A Primer on GDP and the National Income and Product Accounts". This can be obtained from:

https://www.bea.gov/sites/default/files/methodologies/nipa_primer.pdf

Read the U.S. BEA news release on GDP from the website below and analyze U.S. GDP and its demand side components. Use the GDP level data from pages 9 & 10 and provide the following information:

https://www.bea.gov/sites/default/files/2020-08/gdp2q20_2nd.pdf

1How much was GDP in 2019 (quarter 2 or Q2) and in 2020 (Q2)? What was the percentage change? Show your work. What do you think caused this change?

2Give the values of each of the 4 components of GDP in 2020 Q2.

3Calculate the share (percentage) of each component within total GDP in 2020 Q2. Show your work. Identify the largest component of GDP.

4Did these components increase or decrease from the previous quarter (2020 Q1)? Calculate the percentage change and comment.

(Hint: Percentage change in GDP is defined as follows (can be either positive or negative):

(GDPnow - GDPbefore) x100

GDPbefore