March 23, 2018 

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ADJUSTMENT, LONG-RUN AGGREGATE MARKET: Disequilibrium in the long-run aggregate market induces changes in the price level that restore equilibrium. If the price level is above the long-run equilibrium price level, economy-wide product market surpluses cause the price level to fall. If the price level is below the long-run equilibrium price level, economy-wide product market shortages cause the price level to rise. In both cases long-run equilibrium is restored. Price level changes induce changes in aggregate expenditures but NOT changes in real production. The reason is that long-run aggregate supply is full-employment real production, which is unaffected by the price level.

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An agency of the Department of Commerce that collects data about the United States economy (and other economies as well), conducts economic research and analysis, develops and implements estimation methodologies, and disseminates economic statistics to the public. The information produced by the Bureau of Economic Analysis (BEA for short) allows the government, business leaders, researchers, and the public to follow and understand the performance of the United States economy. Along with the Census Bureau and STAT-USA, BEA is part of the Department's Economics and Statistics Administration.
The Bureau of Economic Analysis produces some of the most closely followed economic statistics affecting decisions of government officials, business leaders, households, and individuals regarding monetary policy, tax and budget projections, and business investment plans.

The principal component of BEA's statistics is the National Income and Product Accounts (NIPA), which produces estimates of gross domestic product (GDP) and other related measures. Also, the BEA prepares national, regional, industry, and international accounts that contain vital information on important matters such as economic growth, regional economic development, and the relative position of the United States in the world economy.

Four Programs

Activities of the Bureau of Economic Analysis are divided into four main programs: National Accounts, Regional Accounts, Industry Accounts and International Accounts.
  • National Accounts: This program keeps track of domestic U.S. production (that is, estimates of gross domestic product or GDP), consumption, investment, exports and imports, and national and domestic income and saving. The National Income and Product Accounts are aggregated measures of production and income derived from production.

  • Regional Accounts: This program produces detailed data on economic activity by region, state, metropolitan area, and county. This program produces estimates of personal income by state, county and metropolitan area and also produces annual estimates of gross state product by industry.

  • Industry Accounts: This program produces the input-output tables, which show the buying and selling interaction among industries. These data show how industries sell inputs to, and buy output from, each other. They also contain information about the contributions by private industries and government to GDP, that is, they show disaggregate GDP by industry.

  • International Accounts: This program produces the quarterly balance of payments accounts, which provide a comprehensive summary of economic transactions between the United States and other countries. This program also prepares reports on the international investment position accounts as well as estimates of U.S. direct investment abroad and foreign direct investment in the United States.

Two Committees

The Bureau of Economic Analysis has two vital committees: Advisory Committee and Federal Economics Statistics Advisory Committee.
  • Advisory Committee: This committee advises the Director of BEA about the development and improvement of BEA accounts. It pays particular attention to information about the new and rapidly growing economic activities that arise from innovation and technological change. The BEA Advisory Committee meets twice yearly.

  • Federal Economics Statistics Advisory Committee: This committee inspects BEA programs and provides advice on statistical methodology, research, and other technical matters related to the collection, tabulation, and analysis of economic statistics. This committee also advises the Bureau of Labor Statistics and the Bureau of the Census.


Recommended Citation:

BUREAU OF ECONOMIC ANALYSIS, AmosWEB Encyclonomic WEB*pedia,, AmosWEB LLC, 2000-2018. [Accessed: March 23, 2018].

Check Out These Related Terms...

     | business cycles | business cycle indicators | National Bureau of Economic Research | Conference Board, The | Bureau of Labor Statistics |

Or For A Little Background...

     | expansion | contraction | macroeconomics | positive economics | economic science |

And For Further Study...

     | demand-driven business cycles | supply-driven business cycles | stabilization policies |

Related Websites (Will Open in New Window)...

     | Bureau of Economic Analysis | Bureau of Labor Statistics | Bureau of the Census | STAT-USA |

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