Treasury Analyst — Lesson 2
Lesson 2 covers foundational concepts in economics and finance, specifically focusing on U.S. gross domestic product (GDP) as the broadest measure of economic output, representing the total monetary value of all goods and services produced within the country in a given period [2]. GDP is measured from the expenditure side as C + I + G + (X − M): personal consumption expenditures (C, ~70% of GDP), gross private domestic investment (I, ~18%), government consumption and investment (G, ~17%), and net exports (X − M, typically negative for the U.S.) [2]. Real GDP growth averaged 2.3% annually from 1947 to 2023, while recessions are formally identified by the National Bureau of Economic Research (NBER) as a significant decline in economic activity spread across the economy, lasting more than a few months [2].