Gross domestic product ( GDP ) is a monetary measure of the market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP is often used to measure the economic health of a country or region. Several national and international economic organizations maintain definitions of GDP, such as the OECD and the International Monetary Fund .
101-683: Following is a list of high school teams that have competed in the Long Island Football Championship games on Long Island, New York . The faux or mini championship pits the winner of the divisions/league champions in Nassau County, New York against the winner of the divisions/league in Suffolk County, New York . New York State has a true state championship but the Long Island teams, and teams from
202-509: A base year. The result would be that the GDP in 2000 equals $ 300 million × 1 ⁄ 2 = $ 150 million , in 1990 monetary terms. We would see that the country's GDP had realistically increased 50 percent over that period, not 200 percent, as it might appear from the raw GDP data. The GDP adjusted for changes in money value in this way is called the real GDP . The factor used to convert GDP from current to constant values in this way
303-738: A boundary dispute, they drove out English settlers from the Oyster Bay area. However, in 1664, the English returned to take over the Dutch colony of New Netherland , including Long Island. The 1664 land patent granted to the Duke of York included all islands in Long Island Sound. The Duke of York held a grudge against Connecticut, as New Haven had hidden three of the judges ( John Dixwell , Edward Whalley and William Goffe ) who sentenced
404-518: A country becomes increasingly in debt, and spends large amounts of income servicing this debt this will be reflected in a decreased GNI but not a decreased GDP. Similarly, if a country sells off its resources to entities outside their country this will also be reflected over time in decreased GNI, but not decreased GDP. This would make the use of GDP more attractive for politicians in countries with increasing national debt and decreasing assets. Gross national income (GNI) equals GDP plus income receipts from
505-521: A country's borders, but by an enterprise owned by somebody outside the country, counts as part of its GDP but not its GNI; on the other hand, production by an enterprise located outside the country, but owned by one of its citizens, counts as part of its GNI but not its GDP. For example, the GNI of the US is the value of output produced by American-owned firms, regardless of where the firms are located. Similarly, if
606-650: A country's citizens at home and abroad rather than its "resident institutional units" (see OECD definition above). The switch from GNP to GDP in the United States occurred in 1991. The role that measurements of GDP played in World War II was crucial to the subsequent political acceptance of GDP values as indicators of national development and progress. A crucial role was played here by the U.S. Department of Commerce under Milton Gilbert where ideas from Kuznets were embedded into institutions . The history of
707-406: A country's production has increased (or decreased, if the growth rate is negative) compared to the previous year, typically expressed as percentage change . The economic growth can be expressed as real GDP growth rate or real GDP per capita growth rate . GDP can be adjusted for population growth, also called Per-capita GDP or GDP per person . This measures the average production of a person in
808-513: A crucial role in the subsistence economy. The Long Island natives lived in villages of differing sizes and their governing style, because of a lack of evidence, can only be guessed. However, anthropological models suggest that the leaders did not have overarching authority over the rest of the village. Rather, the leaders often sought advice from the elders. The early settlers of Long Island were likely tied by kinship and did not identify themselves as distinct tribes. These tribes were designated by
909-497: A devastating attack that killed 80 Native Americans. Despite shifting claims to title and absentee land sales, European settlers continued to purchase land directly from indigenous people. In 1655, they split the acquired land amongst themselves and continued to search the island for more land for settlement. On June 10, 1664, other parts of indigenous land were bought, including present-day Brookhaven , Bellport , and South Haven , in exchange for four coats and 6 pounds 10 shilling -
1010-400: A plan to use counterfeiting to induce economic sabotage. Long Island's colonists supported both Loyalist and Patriot causes, with many prominent families divided among both sides. During the occupation, British forces utilized a number of civilian structures for defense and were also at times quartered in local homes. A number of structures from this era remain. Among these are Raynham Hall ,
1111-697: A struggle over between the Pequot tribe of Connecticut, who exerted control over eastern Long Island, and the English New England Colonies , reshaped alliances and power dynamics in the region. The defeat of the Pequots left a void in eastern Long Island's political landscape, who were historically under the influence of the Connecticut Pequots for trade and protection. Indigenous leaders such as Uncas and Ninigret , alongside
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#17328020813201212-431: A value that, accounting for monetary inflation through 2017, is currently worth approximately $ 840. During King Philip's War in 1675, the governor of New York , Edmund Andros , ordered that all canoes east of Hell Gate be confiscated. This was done to prevent local indigenous people from helping their Native allies on the mainland, who were attacking New England settlers there. Notable sachems, such as Tackapousha of
1313-469: A widespread technological innovation during this era, serving not only practical storage and cooking purposes but also functioning as a medium for cultural expression. The stylistic variations in pottery across different sites on Long Island suggest a rich diversity of cultural identities and the exchange of ideas among various groups. Additionally, this period was marked by participation in trade networks with other Northeastern Indigenous communities. During
1414-467: Is US$ 5,040,107.75 (in a million). Predictably, as a developed country, Japan has a higher GNI (by 182,779.46, in millions of USD), which is indicative that the production level in the country is higher than that of national production. On the other hand, the case with Armenia is the opposite, with GDP being lower than GNI by US$ 196.12 (in million). This demonstrates that countries receive investments and foreign aid from abroad. The Total income divided by
1515-425: Is also sometimes expressed as: The third way to estimate GDP is to calculate the sum of the final uses of goods and services (all uses except intermediate consumption) measured in purchasers' prices. Market goods that are produced are purchased by someone. In the case where a good is produced and unsold, the standard accounting convention is that the producer has bought the good from themselves. Therefore, measuring
1616-589: Is also translated as "loose" or "scattered", which may refer either to the wampum or to Long Island. The name "'t Lange Eylandt alias Matouwacs" appears in Dutch maps from the 1650s, with 't Lange Eylandt translating it to "Long Island" from Old Dutch . The English referred to Long Island as "Nassau Island", after the House of Nassau of the Dutch Prince William of Nassau, Prince of Orange (who later also ruled as King William III of England ). It
1717-838: Is calculated this way it is sometimes called gross domestic income (GDI), or GDP (I). GDI should provide the same amount as the expenditure method described later. By definition, GDI is equal to GDP. In practice, however, measurement errors will make the two figures slightly off when reported by national statistical agencies. This method measures GDP by adding incomes that firms pay households for factors of production they hire – wages for labour, interest for capital, rent for land and profits for entrepreneurship. The US "National Income and Product Accounts" divide incomes into five categories: These five income components sum to net domestic income at factor cost. Two adjustments must be made to get GDP: Total income can be subdivided according to various schemes, leading to various formulae for GDP measured by
1818-474: Is called the GDP deflator . Unlike consumer price index , which measures inflation or deflation in the price of household consumer goods, the GDP deflator measures changes in the prices of all domestically produced goods and services in an economy including investment goods and government services, as well as household consumption goods. Real GDP can be used to calculate the GDP growth rate, which indicates how much
1919-473: Is contributed at each stage of production. This approach mirrors the OECD (Organisation for Economic Co-operation and Development) definition given above. Gross value added = gross value of output – value of intermediate consumption. Value of output = value of the total sales of goods and services plus the value of changes in the inventory. The sum of the gross value added in the various economic activities
2020-404: Is known as "GDP at factor cost". GDP at factor cost plus indirect taxes less subsidies on products = "GDP at producer price". For measuring the output of domestic product, economic activities (i.e. industries) are classified into various sectors. After classifying economic activities, the output of each sector is calculated by any of the following two methods: The value of output of all sectors
2121-551: Is often used as a metric for international comparisons as well as a broad measure of economic progress . It is often considered to be the world's most powerful statistical indicator of national development and progress. However, critics of the growth imperative often argue that GDP measures were never intended to measure progress, and leave out key other externalities , such as resource extraction , environmental impact and unpaid domestic work . Alternative economic indicators such as doughnut economics use other measures, such as
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#17328020813202222-499: Is part of Rhode Island, and numerous smaller islands extend farther into the Atlantic Ocean . To the extreme southwest, Long Island, at Brooklyn , is separated from Staten Island and the state of New Jersey by Upper New York Bay , The Narrows , and Lower New York Bay . With a population of 8,063,232 residents as of the 2020 U.S. census , Long Island constitutes 40% of New York state's entire population. Long Island
2323-587: Is that GDP defines its scope according to location, while GNI defines its scope according to ownership. In a global context, world GDP and world GNI are, therefore, equivalent terms. GDP is a product produced within a country's borders; GNI is product produced by enterprises owned by a country's citizens. The two would be the same if all of the productive enterprises in a country were owned by its own citizens and those citizens did not own productive enterprises in any other countries. In practice, however, foreign ownership makes GDP and GNI non-identical. Production within
2424-490: Is the most populous island in any U.S. state or territory, the third-most populous island in the Americas after Hispaniola and Cuba , and the 18th-most populous island in the world ahead of Ireland , Jamaica , and Hokkaidō . Its population density is 5,859.5 inhabitants per square mile (2,262.4/km ). Long Island is culturally and ethnically diverse , featuring some of the wealthiest and most expensive neighborhoods in
2525-453: Is then added to get the gross value of output at factor cost. Subtracting each sector's intermediate consumption from gross output value gives the GVA (=GDP) at factor cost. Adding indirect tax minus subsidies to GVA (GDP) at factor cost gives the "GVA (GDP) at producer prices". The second way of estimating GDP is to use "the sum of primary incomes distributed by resident producer units". If GDP
2626-475: Is unclear when the name "Nassau Island" was discontinued. Another indigenous name from colonial time, Paumanok , comes from the Native American name for Long Island and means "the island that pays tribute." The very first European settlements on Long Island were by settlers from England and its colonies in present-day New England . Lion Gardiner settled nearby Gardiners Island. The first settlement on
2727-556: The Algonquian peoples of Long Island and Europeans occurred with the arrival of explorers in the early 17th century, first contacted by Henry Hudson and his crew. These interactions were initially characterized by curiosity and tentative exchanges, but conflicts later emerged between them. Despite this, mutually beneficial trade ensued, with the Algonquian trading fur for clothing, metal, guns, and alcohol. The Dutch, recognizing
2828-600: The Catholic High School Athletic Association , as well as those in New York City choose not to compete in the tournament. Football is one of only sports that Long Island chooses not to be a part of the state championship. Many believe it’s due to revenue generated from Long Island championship games (in football), and the fact that LI teams would have to slightly adjust their in season schedule. They would also have to comply to
2929-797: The Gold Coast of the North Shore and the Five Towns area on the South Shore . South Shore communities are built along protected wetlands of the island and contain white sandy beaches of Outer Barrier Islands fronting on the Atlantic Ocean. Dutch and English settlers from the time before the American Revolutionary War , as well as communities of Native Americans, populated the island. The 19th century saw
3030-473: The Gold Coast . This period and the area was immortalized in fiction, such as F. Scott Fitzgerald's The Great Gatsby , which has also been adapted in films . The gradual decline in Indigenous authority reached a critical point when it led to the formal obliteration of acknowledgement for many tribes. A poignant example of this phenomenon occurred in 1910, when a legal decree by New York State pronounced
3131-659: The Harbor Hill moraine . The more southerly moraine, known as the Ronkonkoma moraine , forms the "backbone" of Long Island; it runs primarily through the very center of Long Island, roughly coinciding with the length of the Long Island Expressway . Gross domestic product The ratio of GDP to the total population of the region is the GDP per capita and can approximate a concept of a standard of living . Nominal GDP does not reflect differences in
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3232-510: The Human Development Index or Better Life Index , as better approaches to measuring the effect of the economy on human development and well being . William Petty came up with a concept of GDP, to calculate the tax burden , and argue landlords were unfairly taxed during warfare between the Dutch and the English between 1652 and 1674. Charles Davenant developed the method further in 1695. The modern concept of GDP
3333-516: The Invasion of Quebec before transferring to the 3rd New York in 1776. Seeing action at Monmouth , Willett then participated in the 1778 Sullivan Campaign . He was made the colonel of the 5th New York in 1780 and the Tryon County militia in 1781, where he fought at Johnstown . On August 22, 1830, Willett died and was buried in the graveyard of Trinity Church . The Willets Point and
3434-700: The Long Island Rail Road (LIRR) began service in 1836 from the South Ferry in Brooklyn , through the remainder of Brooklyn, to Jamaica in Queens . The line was completed to the east end of Long Island in 1844, as part of a plan for transportation to Boston . Competing railroads, soon absorbed by the LIRR, were built along the south shore to accommodate travelers from those more populated areas. For
3535-809: The New York University Tandon School of Engineering , the Zucker School of Medicine , and the Feinstein Institutes for Medical Research . As a hub of commercial aviation , Long Island is home to two of the nation's and New York metropolitan area 's busiest airports, JFK International Airport and LaGuardia Airport . Also located on Long Island are Long Island MacArthur Airport and two major air traffic control radar facilities, New York TRACON and New York ARTCC. Long Island has nine major bridges and thirteen navigable tunnels, which connect Brooklyn and Queens to
3636-458: The Outer Lands region, is formed largely of two spines of glacial moraine , with a large, sandy outwash plain beyond. These moraines consist of gravel and loose rock left behind during the two most recent pulses of Wisconsin glaciation during the ice ages some 21,000 years ago (19,000 BC). The northern moraine, which directly abuts the North Shore of Long Island at points, is known as
3737-734: The Oyster Bay home of patriot spy Robert Townsend , and the Caroline Church in Setauket , which contains bullet holes from a skirmish known as the Battle of Setauket . Also in existence is a reconstruction of Brooklyn's Old Stone House , on the site of the Maryland 400 's celebrated last stand during the Battle of Long Island . In the 19th century, Long Island was still mainly rural and devoted to agriculture . The predecessor to
3838-600: The South , were followed by more recent immigrants from Asia and Latin America . Long Island has many ethnic Irish , Jews , and Italians . In later immigration trends, Asians , Hispanics , Afghans , Arabs , and Indians arrived on Long Island. The westernmost end of Long Island contains the New York City boroughs of Brooklyn (Kings County) and Queens (Queens County). The central and eastern portions contain
3939-521: The U.S. House of Representatives , where he served until 1791. Francis Lewis from Brookhaven on Long Island, another signer of the Declaration of Independence , had his home destroyed and his wife Elizabeth arrested by the British after the battle of Long Island. George Washington managed her release by having the wives of two wealthy Loyalists from Philadelphia arrested, and then exchanging
4040-410: The cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. GDP
4141-550: The suburban Nassau and Suffolk counties. However, colloquial usage of the term "Long Island" usually refers only to Nassau and Suffolk counties. For example, the Federal Reserve Bank of New York has a district named "Long Island (Nassau-Suffolk Metro Division)." At least as late as 1911, locations in Queens were still commonly referred to as being on Long Island. Some institutions in the New York City section of
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4242-663: The Crown by creating him Lord Alexander of Tullibody and Viscount of Stirling . On April 22 of that year Charles told the Plymouth Colony , which had laid claim to Long Island but had not settled it, to cede it to Alexander. When his agent James Farret arrived in New Amsterdam in 1637 to present his claim of English sovereignty, he was arrested and imprisoned in Holland , but later escaped from prison. The Pequot War,
4343-590: The Duke's father, King Charles I , to death in 1649. Settlers throughout Suffolk County pressed to stay part of Connecticut, but Governor Sir Edmund Andros threatened to eliminate the settlers' rights to land if they did not yield, which they did by 1676. All of Long Island along with islands between Long Island and Connecticut became part of the Province of New York within the Shire of York . Present-day Suffolk County
4444-776: The Dutch but released after saying they were mistaken about the title. Through Farret, who received Shelter Island and Robins Island , Alexander in turn sold most of the eastern island to the New Haven and Connecticut colonies. As European settlers proliferated on Long Island, the ecosystem underwent significant transformation, and the dynamics between Native Americans and Europeans shifted. The Europeans cleared vast areas of traditional hunting grounds and introduced livestock that damaged Native crops. Europeans also began to encroach on Native land, and this growing proximity heightened tensions. This culminated in Kieft's War , initiated by
4545-408: The English settled on the eastern side, buying land from any sachems who were willing to sell to them. The perspectives on these land purchases likely varied significantly between Native Americans and Europeans. Europeans viewed land transactions as opportunities for exclusive ownership and permanent settlement, while the Algonquian peoples viewed the transaction as temporary and communal. Additionally,
4646-472: The European market, particularly through their labor and the dwindling fur and wampum trades. By the 18th century, most native lands had been seized, leaving only small parcels, and many Indigenous people were relegated to roles as domestics, laborers, guides, and seamen. William Floyd was born on Long Island on December 17, 1734. In 1654, his family emigrated to North America. By the time of Floyd's birth,
4747-622: The Europeans as a method of identifying borders. However, there seems to be two, overlapping, but different cultures. Western Long Island natives probably spoke the Delaware-Munsee dialect. The eastern group's language is less well-founded, but it is most likely related to the southern New England Algonquian dialect. The kinship system likely kept Long Island natives together with clans in present-day New Jersey , Massachusetts , Connecticut , and Rhode Island . Giovanni da Verrazzano
4848-546: The Hamptons, and for the Montauk Point Lighthouse at the eastern tip of the island. The Pine Barrens is a preserved pine forest encompassing much of eastern Suffolk County. A detailed geomorphological study of Long Island provides evidence of glacial history of the kame and terminal moraines of the island which were formed by the advance and retreat of two ice sheets . Long Island, as part of
4949-474: The Island's key role in the history of aviation. From the 1920s to the 1940s, Long Island began the transformation from backwoods and farms as developers created numerous suburbs. Numerous branches of the Long Island Rail Road (LIRR) already enabled commuting from the suburbs to Manhattan. Robert Moses engineered various automobile parkway projects to span the island, and developed beaches and state parks for
5050-504: The Late Woodland Period, there was a noticeable intensification of agriculture, with maize becoming a staple crop alongside beans and squash. This agricultural advancement supported larger populations and led to the establishment of more permanent villages characterized by substantial dwellings, mostly wigwams and longhouses . The increased reliance on farming did not eliminate hunting and gathering, which continued to play
5151-779: The Massapequa, saw their influence wane post-King Philip's War in 1675. In the face of escalating tensions between French and English settlers, these Indigenous figures endeavored to mediate and protect their communities. However efforts to maintain land rights were undermined by disease, deceit, infringements of land patents, and cultural misunderstandings. After the Dutch began to colonize Manhattan, many indigenous people moved to Pennsylvania and Delaware . Many of those who stayed behind died from smallpox , which spread to North America via European colonists and resulted in large scale deaths due to lack of antibodies and natural resistance which Eurasian peoples had gained with their exposure to
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#17328020813205252-504: The Montaukett "tribe" extinct, ignoring the presence and testimonies of its members in court. Such decrees were used to facilitate the encroachment on Native American lands with greater ease, granting legal legitimacy to the acts of settler colonialism. In the absence of legally recognized Indigenous territories, settlers could assert ownership over Native lands without engaging in negotiations or offering compensation. This act represented
5353-471: The Native Americans governance style of weak leadership and undefined hunting grounds, did not align with the European's need for strict boundaries. This confusion resulted in conflict and boundary disputes for many years after. In 1640, English colonists attempted to settle Cow Bay in what is present-day Port Washington . After an alert by Native leader Penhawitz , the colonists were arrested by
5454-500: The New England Colonies, vied to fill this vacuum, with the colonists eventually prevailing over their indigenous rivals. In 1639, Lion Gardiner secured the first purchase of eastern Long Island land, an islet off of present-day East Hampton . The period between 1636 and 1648 marked a time of land acquisition in Long Island by Dutch and English colonists. The Dutch occupied a small portion of western Long Island while
5555-521: The Space Age. Grumman was one of the major contractors that helped to build the early lunar flight and Space Shuttle vehicles. Although the aircraft companies eventually ended their Long Island operations and the early airports were all later closed. Roosevelt Field, for instance, became the site of a major shopping mall , the Cradle of Aviation Museum on the site of the former Mitchel Field documents
5656-454: The accompanying Mets-Willets Point station is named in his honor. Early in the American Revolutionary War , the island was captured by the British from American troops under George Washington in the battle of Long Island, a major battle after which Washington narrowly evacuated his troops from Brooklyn Heights under a dense fog. After the British victory on Long Island, many Patriots withdrew, leaving mostly Loyalists behind. The island
5757-427: The accounting year. ) So for example if a car manufacturer buys auto parts , assembles the car and sells it, only the final car sold is counted towards the GDP. Meanwhile, if a person buys replacement auto parts to install them on their car, those are counted towards the GDP. According to the U.S. Bureau of Economic Analysis, which is responsible for calculating the national accounts in the United States, "In general,
5858-450: The age of 25, 42.6% hold a college degree or higher educational degree. Unemployment on Long Island stays consistently below 4%. Biotechnology companies , engineering , and scientific research play a significant role in Long Island's economy, including research facilities at Brookhaven National Laboratory , Cold Spring Harbor Laboratory , Stony Brook University , New York Institute of Technology , Plum Island Animal Disease Center ,
5959-741: The beginning of the 21st century, a number of Long Island communities had converted their assets from industrial uses to post-industrial roles. Brooklyn reversed decades of population decline and factory closings to resurface as a globally renowned cultural and intellectual hotbed. Gentrification has impacted much of Brooklyn and a portion of Queens , relocating a sizeable swath of New York City's population. On eastern Long Island, Port Jefferson , Patchogue , and Riverhead evolved from inactive shipbuilding and mill towns into tourist-centric commercial centers with cultural attractions. The descendants of late 19th and early 20th-century immigrants from southern and Eastern Europe , and Black migrants from
6060-591: The century from 1830 until 1930, total population roughly doubled every twenty years, with more dense development in areas near Manhattan. Several cities were incorporated, such as the "City of Brooklyn" in Kings County, and Long Island City in Queens. Until completion of the Brooklyn Bridge in 1883, the only means of travel between Long Island and the rest of the United States was by boat or ship. As other bridges and tunnels were constructed, areas of
6161-519: The class / size system that the rest of state and country uses as opposed to the division system used on the Island. Long Island, New York Long Island is a densely populated continental island in southeastern New York state , extending into the Atlantic Ocean . It constitutes a significant share of the New York metropolitan area in both population and land area. The island extends from New York Harbor 118 miles (190 km) eastward into
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#17328020813206262-605: The close of the 19th century, wealthy industrialists who made vast fortunes during the Gilded Age began to construct large "baronial" country estates in Nassau County communities along the North Shore of Long Island, favoring the many properties with water views. Proximity to Manhattan attracted such men as J. P. Morgan , William K. Vanderbilt , and Charles Pratt , whose estates led to this area being nicknamed
6363-540: The concept of GDP should be distinguished from the history of changes in many ways of estimating it. The value added by firms is relatively easy to calculate from their accounts, but the value added by the public sector , by financial industries, and by intangible asset creation is more complex. These activities are increasingly important in developed economies, and the international conventions governing their estimation and their inclusion or exclusion in GDP regularly change in an attempt to keep up with industrial advances. In
6464-401: The country. GDP per capita is often used as an indicator of living standards. The major advantage of GDP per capita as an indicator of the standard of living is that it is measured frequently, widely, and consistently. It is measured frequently in that most countries provide information on GDP every quarter, allowing trends to be seen quickly. It is measured widely in that some measure of GDP
6565-570: The disease. Native American land deeds recorded by the Dutch from 1636 state that the Indians referred to Long Island as Sewanhaka . Sewanhacky and Sewanhacking were other spellings in the transliteration of the Lenape . Sewan was one of the terms for wampum , commemorative stringed shell beads, for a while also used as currency by colonists in trades with the Lenape, and
6666-689: The eastern region of Long Island was first settled by the English, the western portion of Long Island was settled by the Dutch; until 1664, the jurisdiction of Long Island was split between the Dutch and English, roughly at the present border between Nassau County and Suffolk County . The Dutch founded six towns in present-day Brooklyn beginning in 1645. These included: Brooklyn , Gravesend , Flatlands , Flatbush , New Utrecht , and Bushwick . The Dutch had granted an English settlement in Hempstead, New York (now in Nassau County) in 1644, but after
6767-664: The easternmost point of the South Fork (and all of Long Island) is Montauk Point . Long Island's East End remains semi-rural, as in Greenport on the North Fork and some of the periphery of the area prominently known as The Hamptons , although summer tourism swells the population in those areas. The North Fork has developed a burgeoning wine region . In addition, the South Fork is known for beach communities, including
6868-500: The enjoyment of residents and visitors from the city. Gradually, development also followed these parkways, with various communities springing up along the more traveled routes. After World War II , suburban development increased with incentives under the G.I. Bill , and Long Island's population skyrocketed, mostly in Nassau County and western Suffolk County. Second and third-generation children of immigrants moved out to eastern Long Island to settle in new housing developments built during
6969-411: The family was established and wealthy. He was a member of the Suffolk County Militia in the beginning of the American Revolution , and rose to the rank of Major General. In 1774, he was chosen as a representative from New York to the First Continental Congress . After the battle of Long Island , his estate was confiscated by the British army and was used as a cavalry base. In 1789, Floyd was elected to
7070-479: The final stage in the thorough domination and displacement of Native American communities on Long Island. Charles Lindbergh lifted off from Roosevelt Field with his Spirit of Saint Louis for his historic 1927 solo flight to Europe, one of the events that helped to establish Long Island as an early center of aviation during the 20th century. Other famous aviators such as Wiley Post originated notable flights from Floyd Bennett Field in Brooklyn, which became
7171-402: The first major airport serving New York City before it was superseded by the opening of La Guardia Airport in 1939. Long Island was also the site of Mitchel Air Force Base and was a major center of military aircraft production by companies such as Grumman and Fairchild Aircraft during World War II and for some decades afterward. Aircraft production on Long Island extended all the way into
7272-548: The geographic Long Island itself was on October 21, 1640, when Southold was established by the Rev. John Youngs and settlers from New Haven , Connecticut. Peter Hallock, one of the settlers, drew the long straw and was granted the honor to step ashore first. He is considered the first New World settler on Long Island. Southampton was settled in the same year. Hempstead followed in 1644, East Hampton in 1648, Huntington in 1653, Brookhaven in 1655, and Smithtown in 1665. While
7373-599: The groundwork for the region's rich ecosystems. These nomadic hunter-gatherers, equipped with stone tools, navigated the newly emerging landscapes, hunting large game and gathering from the abundant natural resources. Following the Paleo-Indian period, the Archaic Period marked a broadening of subsistence strategies. The inhabitants of Long Island diversified their diet, exploiting the rich marine and terrestrial environments. The main source of protein came from
7474-553: The income approach. A common one is: The sum of COE , GOS and GMI is called total factor income; it is the income of all of the factors of production in society. It measures the value of GDP at factor (basic) prices. The difference between basic prices and final prices (those used in the expenditure calculation) is the total taxes and subsidies that the government has levied or paid on that production. So adding taxes less subsidies on production and imports converts GDP(I) at factor cost to GDP(I) at final prices. Total factor income
7575-443: The information required (especially information on expenditure and production by governments). The raw GDP figure as given by the equations above is called the nominal, historical, or current GDP. When one compares GDP figures from one year to another, it is desirable to compensate for changes in the value of money—for the effects of inflation or deflation. To make it more meaningful for year-to-year comparisons, it may be multiplied by
7676-585: The infusion of the wealthiest Americans in the so-called Gold Coast of the North Shore , where wealthy Americans and Europeans in the Gilded Age built lavish country homes. East of Riverhead in Suffolk County, Long Island splits into two peninsulas (colloquially referred to as "Forks"), which are separated by the Peconic Bay . The easternmost point of the North Fork is Orient Point , and
7777-511: The island began to be developed as residential suburbs, first around the railroads that offered commuting into the city. On January 1, 1898, Kings County and portions of Queens County were consolidated into the City of Greater New York , abolishing all cities and towns within them. The easternmost 280 square miles (730 km ) of Queens County, which were not part of the consolidation plan, separated from Queens in 1899 to form Nassau County. At
7878-461: The island use the island's names, like Long Island University and Long Island Jewish Medical Center . In 1985, the U.S. Supreme Court ruled in United States v. Maine that Long Island is integrally related to the mainland enough that Long Island Sound and the western part of Block Island Sound constitute a "juridical bay" for the purpose of determining maritime state boundaries. In
7979-581: The main island and the surrounding outer barrier islands . To its west, Long Island is separated from Manhattan Island and the Bronx by the East River tidal estuary . North of the island is Long Island Sound , across which lie Westchester County, New York , and the state of Connecticut . Across the Block Island Sound to the northeast is the state of Rhode Island . Block Island , which
8080-399: The ocean with a maximum north–south width of 23 miles (37 km). With a land area of 1,401 square miles (3,630 km ), it is the largest island in the contiguous United States . Long Island is divided among four counties , with Kings (Brooklyn), Queens , and Nassau counties occupying its western third and Suffolk County its eastern two-thirds. Long Island may refer both to
8181-463: The popular media, this has been often misinterpreted as a ruling that Long Island is legally not an island. The United States Board on Geographic Names still considers Long Island an island, because it is surrounded by water. There are few tall buildings on Long Island . Nassau County is more densely developed than Suffolk County. While affluent overall, Nassau County has pockets of more pronounced wealth with estates covering greater acreage within
8282-543: The population is the Per capita income . The international standard for measuring GDP is contained in the book System of National Accounts (2008), which was prepared by representatives of the International Monetary Fund , European Union , Organisation for Economic Co-operation and Development , United Nations and World Bank . The publication is normally referred to as SNA2008 to distinguish it from
8383-474: The post-war boom. Levittown became noted as a suburb, where housing construction was simplified to be produced on a large scale. These provided opportunities for white World War II military veterans returning home to buy houses and start a family. In his 1966 book, My Private America ( Moja prywatna Ameryka ), Kazimierz Wierzyński , a Polish poet who could not go back to Poland after World War II, describes Polish farmers living there, as "walking novels". At
8484-430: The previous edition published in 1993 (SNA93) or 1968 (called SNA68) SNA2008 provides a set of rules and procedures for the measurement of national accounts. The standards are designed to be flexible, to allow for differences in local statistical needs and conditions. Within each country GDP is normally measured by a national government statistical agency, as private sector organizations normally do not have access to
8585-512: The products must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying things. The income approach works on the principle that the incomes of the productive factors ("producers", colloquially) must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes. Also known as the Value Added Approach, it calculates how much value
8686-445: The ratio between the value of money in the year the GDP was measured and the value of money in a base year. For example, suppose a country's GDP in 1990 was $ 100 million and its GDP in 2000 was $ 300 million . Suppose also that inflation had halved the value of its currency over that period. To meaningfully compare its GDP in 2000 to its GDP in 1990, we could multiply the GDP in 2000 by one-half, to make it relative to 1990 as
8787-587: The rest of the world minus income payments to the rest of the world. In 1991, the United States switched from using GNP to using GDP as its primary measure of production. The relationship between United States GDP and GNP is shown in table 1.7.5 of the National Income and Product Accounts . Another example that amplifies the difference between GDP and GNI is the comparison of developed and developing country indicators. The GDP of Japan for 2020
8888-408: The same result. They are the production (or output or value added) approach, the income approach, and the speculated expenditure approach. It is representative of the total output and income within an economy. The most direct of the three is the production approach, which sums up the outputs of every class of enterprise to arrive at the total. The expenditure approach works on the principle that all of
8989-575: The sea, consisting of fish and shellfish, oysters being of particular importance. Deer and other wild game and various plant foods also became part of their regular diet. The archaeological record also reveals a shift towards a more settled lifestyle, with small bands forming seasonal settlements. The indigenous peoples in the Early and Middle Woodland period began developing horticulture as well as more efficient strategies for hunting and gathering. They established year-round settlements. Pottery emerged as
9090-401: The source data for the expenditures components are considered more reliable than those for the income components [see income method, above]." Encyclopedia Britannica records an alternate way of measuring exports minus imports: notating it as the single variable NX. GDP can be contrasted with gross national product (GNP) or, as it is now known, gross national income (GNI). The difference
9191-498: The three other boroughs of New York City. Ferries connect Suffolk County northward across Long Island Sound to Connecticut . Long Island Rail Road is the busiest commuter railroad in North America and operates continuously. As the last Ice Age waned with Wisconsin glaciation , early Paleo-Indians ventured into the evolving landscapes of present-day Long Island, marking a significant environmental shifts and laying
9292-536: The total expenditure used to buy things is a way of measuring production. This is known as the expenditure method of calculating GDP. GDP (Y) is the sum of consumption (C) , investment (I) , government expenditures (G) and net exports (X − M) . Here is a description of each GDP component: C , I , and G are expenditures on final goods and services; expenditures on intermediate goods and services do not count. (Intermediate goods and services are those used by businesses to produce other goods and services within
9393-597: The two for Mrs. Lewis. Marinus Willett , of Jamaica, Queens enlisted in the colonial militia after the French and Indian War broke out in 1754. He participated in the Ticonderoga campaign and the capture of Fort Frontenac in 1758. Joining the revolutionary Sons of Liberty in the 1770s, Willett shortly thereafter enlisted in the Continental Army in 1775. Serving in the 1st New York , he took part in
9494-616: The value of New England's fur market, forged long-term alliances with the Algonquians in 1613, ushering in permanent settlements. By 1621, the Dutch West India Company established itself in the Northeast. The Dutch West India Company established a foothold in the Northeast, initiating a lucrative trade in wampum —beads of significant cultural and economic importance to Native tribes across the Northeast. The wampum
9595-473: The words of one academic economist, "The actual number for GDP is, therefore, the product of a vast patchwork of statistics and a complicated set of processes carried out on the raw data to fit them to the conceptual framework." China officially adopted GDP in 1993 as its indicator of economic performance. Previously, China had relied on a Marxist-inspired national accounting system. GDP can be determined in three ways, all of which should, theoretically, give
9696-410: The world near the shorelines , as well as working-class areas in all four counties. As of 2022, Kings, Queens, Nassau, and Suffolk counties collectively had a gross domestic product of approximately $ 500 billion. Median household income on the island significantly exceeds $ 100,000, and the median home price is approximately $ 600,000, with Nassau County approximating $ 700,000. Among residents over
9797-476: Was a British stronghold until the end of the war in 1783. General Washington based his intelligence activities on Long Island, due to the western part of the island's proximity to the British military headquarters in New York City. The Culper Ring included agents operating between Setauket and Manhattan. This ring alerted Washington to valuable British secrets, including the treason of Benedict Arnold and
9898-779: Was designated as the East Riding (of Yorkshire), present-day Brooklyn was part of the West Riding , and present-day Queens and Nassau were part of the larger North Riding . In 1683, Yorkshire was dissolved and the three original counties on Long Island were established: Kings, Queens, and Suffolk. Following the European colonization of the Americas , including Long Island, the Algonquian peoples found themselves increasingly marginalized, their ancient hunting grounds cleared for agriculture, and their economic systems integrated into
9999-493: Was first developed by Simon Kuznets for a 1934 U.S. Congress report, where he warned against its use as a measure of welfare (see below under limitations and criticisms ). After the Bretton Woods Conference in 1944, GDP became the main tool for measuring a country's economy. At that time gross national product (GNP) was the preferred estimate, which differed from GDP in that it measured production by
10100-481: Was primarily made by Long Island Native Americans. The Dutch would thus engage in a triangular trade: purchasing large quantities of wampum from Long Island, exchanging wampum for fur with inland tribes, and shipping the fur back to Europe. This triangular trade created peace amongst the Europeans and the Native Americans for decades. In 1636, Charles I of England , a Stuart , rewarded Scottish courtier , diplomat, and colonial governor William Alexander 's service to
10201-572: Was the first European to record an encounter with the Lenape people, after entering what is now New York Bay in 1524, however it is unclear whether he encountered Native Americans from Long Island. In 1609, the English navigator Henry Hudson explored the harbor and purportedly landed at present-day Coney Island . Dutch explorer Adriaen Block followed in 1615 and is credited as the first European to determine that both Manhattan and Long Island are islands. The first recorded encounters between
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