Economic Databases Are Collections Of Economic Information...

Economic databases are collections of economic information that inform the public about important issues that show economic growth or decline. These databases are very diverse and specific ranging from unemployment statistics to construction spending. The data is then used to help calculate long term and short term growth and let people know about economic opportunities. This information can be compared to different countries to let one country know where they measure between other countries. My first economic database was from the U.S. Department of Commerce on â€Å"Personal Income†. As defined by Investopedia, personal income is â€Å"Total compensation received by an individual. Personal income includes compensation from a number of sources - salaries, wages and bonuses received from employment or self-employment; dividends and distributions received from investments; rental receipts from real estate investments; profit-sharing from a business and so on.† (1) This data shows the personal income in all 4 quarters of 2013 and 2014 and has the first 2 quarters of 2015.This data is important because it displays how much money is being compensated to employees and breaks down certain items like wages and salaries, private industries, etc. This information can be useful to the government because it shows how much money Americans are making and where the compensation of an employee is going. The â€Å"Wages and Salaries by Industry† found on the U.S. Dep artment of Commerce Bureau of EconomicShow MoreRelatedUs Foods Business Analysis1916 Words   |  8 Pageswhose success began as a merchant for tea and coffee in Chicago in 1883 (http://www.usfoods.com). 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