State Of Colorado s Current Gsp - 1316 Words

Mary Jane Shively ECON 204 October 7, 2014 Writing Assignment #1: State Analysis Part 1: State Output: Gross State Product Gross State Product (GSP) is a measurement of the economic output of a state or province, and is the sum of all the value added by industries within the state. The current level of GSP in New York available is 1,310,712 million in 2013, showing a 2.3% change from 2012 GSP. The 1-year change represents an increase in gross state product by about 29,975 million dollars. In order to further understand these values, it is important to compare them with another state. The state of Colorado’s current GSP is 294,443 million, which is significantly lower than New York. However, when comparing the two states, it is important to factor in population size. New York has a much larger population than Colorado, and therefore GSP per capita may be better way to compare the two states. New York’s GSP per capita is 62,212 million and Colorado’s is 51,956 million according to the U.S. Department of Commerce: Bureau of Economic Analysis. While GSP per capita allows for a more accurate comparison of the two states, New York’s GSP and GSP per capita still exceed Colorado’s by a wide margin. New York could have these high levels of GSP for a number of reasons including: a larger population, more international trade, and being home to one of the largest cities in the world. All of these factors allow New York to produce more goods and services annually, resulting in a highShow MoreRelatedEconomic Health Of Oregon By Looking At Gross State Product, Unemployment, And Inflation Essay1082 Words   |  5 Pagesproduced contributing to Gross State Product. Inflation is an indication because it determines how much real value is being lost(Graham). In this paper I will analytically discuss the economic health of Oregon by looking at its Gross State Product, unemployment and cost of living. Gross State Product(GSP) is the total dollar value of all final output produced within a state in a certain time period, usually one year (Schiller). The aspects that contribute to a state’s GSP are all private and publicRead More It Is Time To Legalize Marijuana Essay2824 Words   |  12 Pageslegalized. During the time of illegalization of marijuana, the drug had a vastly negative feeling associated with it, which many people now believe to be inaccurate and unfair. Now that people are more informed, more connected and more vocal, the United States government should allow and even encourage more research of the dangers and addictive nature of the drug which will assuredly legalize medical use and possibly recreational use to benefit people and the economy greatly. This paper will discuss many