ECO 561 Learning Team D Reflection

Team D went over some of the economic principles learned in the class. We learned that GDP is the main factor when determining the strength and weakness of the economy. GDP, meaning Gross Domestic Product, is the following formula: GDP=C+I+G+Xn. C is consumption, I is investments, G is government spending, and Xn is the next export spending. We also understand the Federal Reserve controls the monetary policy, while the Congress controls the fiscal policy.