Asked by
Kiele Bryant
on Dec 13, 2024Verified
The monetary value of all products and services produced in a country during one year is referred to as the
A) balance of trade.
B) gross domestic product.
C) national monetary reserve.
D) monetary national balance.
E) annual national product.
Gross Domestic Product
Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.
Monetary Value
The financial worth of an item, service, or asset, expressed in terms of currency.
Products and Services
The combination of physical goods and intangible activities that fulfill customer needs and wants.
- Recognize the significance and calculations of gross domestic product (GDP).
Verified Answer
NL
Learning Objectives
- Recognize the significance and calculations of gross domestic product (GDP).