A Microsoft News report states, ”The U.S. economy grew at a record 33.1 percent annualized rate in the third quarter, swiftly recovering some of the deep losses driven by the onset of the corona virus pandemic, according to data released Thursday by the Commerce Department.”
The seasonally-adjusted rate of growth, an advance estimate from the department, means that if the pace of economic growth between July and September spanned 12 months, the U.S. economy would have increased in size by roughly a third.
On a non-annualized basis, the economy grew by 7.4 percent in the third quarter.
In one page and based on your new understanding of Economics and GDP growth explain three economic principles that were at play in causing this to happen. To receive full credit, write a response to at least one other post.
