Economic Health MemoCustom Homework Help

Topic: Economic Health Memo

Economic Health Memo

            Gross Domestic Product is an important measure of economic activity at all stages of the business cycle. This is in consideration that GDP measures the changes in economic output within the economy over time. On the other hand business cycle is the wide fluctuations in production or economic activity over several months or years. These fluctuations are often measured using the growth rate of gross domestic product. In this regard, an indication that economic output is expanding within an economy is clear indication of an upswing in the economy. The four phases of the business cycle are expansion, recession, trough and peak. During the expansion phase or upswing of the business cycle there is increased economic activities and production. When this expansion reaches it maximum the business cycle reaches peak phase. At this level economy is said to be in equilibrium. During the downswing of the cycle of recession in the economy economic activities and production drops and hence decline in GDP growth rate.

Department of treasury is responsible for promoting economic prosperity and ensuring financial security of the United States. The basic functions of department of treasury include: collecting taxes, duties and monies paid to and due to the US and paying all government bills, manages and constructs the fiscal policy and implementation of the policy. In aIDition it is also mandated to enforce Federal finance and tax laws. Office of Management and Budget is involved in creating and monitoring a federal budget that aIDresses public concerns. It primary function is to assist the president in preparing national budget and to oversee spending behaviors of the federal agencies through supervision and control. Government accountability office is the audit, evaluation and investigation arm of the United States congress. The general accounting office investigates all maters relating to the receipt of public funds and to ensure efficiency in public expenditure. AIDitionally it helps to promote accountability of the federal government for the benefit of the public.

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