total final goods services produced economy called quizlet

What is the total value of all final goods and services produced in a particular economy called quizlet?

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What is the total value of all final goods and services produced in a particular economy called?

GDP measures the monetary value of final goods and services—that is, those that are bought by the final user—produced in a country in a given period of time (say a quarter or a year). It counts all of the output generated within the borders of a country.

What is the total value of all final goods and services produced in the economy in a given year?

The most common measure of the economy is called gross domestic product (or GDP). GDP measures the total market value of all final goods and services produced in an economy in a given year.

What is an GNP?

The market value of goods and services produced by labor and property supplied by U.S. residents, regardless of where they are located. It was used as the primary measure of U.S. production prior to 1991, when it was replaced by gross domestic product (GDP).

What is the total value of GDP quizlet?

GDP is the total value of all final goods and services produced in an economy, within a country's borders. GNP is the total value of goods and services produced by a country over a period of time, within the borders and outside of the country.

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