Answer:
The **Gross Domestic Product (GDP)** is the total value of goods and services produced in a country in a year. According to the World Bank, the GDP of the United States was **$22.67 trillion** in 2020.
If the U.S. economy grows by 1%, the GDP would increase by **$226.7 billion** (1% of $22.67 trillion). If the U.S. economy contracts by 1%, the GDP would decrease by **$226.7 billion**.
The average American output is measured by Gross Domestic Product per capita (GDP per capita). According to the World Bank, the GDP per capita of the United States was **$68,309** in 2020.
If we assume that the population of the United States is 340 million people, then each person's share of GDP would be approximately **$201** ($68,309 divided by 340 million).
Therefore, if the U.S. economy grows by 1%, each person's share of GDP would increase by approximately **$0.67** ($201 times 1% growth rate). If the U.S. economy contracts by 1%, each person's share of GDP would decrease by approximately **$0.67** ($201 times 1% contraction rate).