The textbook defines Gross Domestic Product as the market va

Homework Assistance Economics The textbook defines Gross Domestic Product as the market va

Economics

The textbook defines Gross Domestic Product as the market va

The textbook defines Gross Domestic Product as the market value of all the final goods and services… Show more The textbook defines Gross Domestic Product as the market value of all the final goods and services produced within a country in a given time period. As you read this definition, identify the essential parts in this definition. Your list should include the following parts:market value,final goods and services, produced,within a country, andtime period. Please note that if the phrase “market value” had been left out, there would be room for many problems. Notice that when the government reports this figure, it doesn’t announce how many trains, planes, and automobiles the country has produced, but rather it announces a monetary value. Describe and discuss the remaining essential parts in the definition, that is,final goods and services,produced,within a country, andtime period. Whyfinal productsand not intermediate products which may be bought by one firm to be used in the production of another good? Whyproducedand not counted sales? May some of theproducedbecome inventory? Whywithin a country? Don’t we count output that wasn’t produced on a nation’s soil regardless of who was responsible for producing it? Whytime period? Do we have to be explicitly clear that we are only talking about production that occurred in a certain period? • Show less

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