Asked by Sharion Dielle on Jun 13, 2024
Verified
The gross domestic product measures the value of all final goods and services produced by resources owned by a nation.
Gross Domestic Product
The total value of all goods and services produced within a country's borders in a specific time period, used as an indicator of economic health.
Final Goods
Products that are consumed by the end user and do not require further processing or manufacturing.
Services Produced
Economic activities that provide intangible products, such as entertainment, healthcare, and education.
- Understand the components and significance of GDP and GDP per capita as economic indicators.
Verified Answer
PL
Paulina LopezJun 15, 2024
Final Answer :
False
Explanation :
Gross Domestic Product (GDP) measures the value of all final goods and services produced within a country's borders, regardless of the ownership of the resources.
Learning Objectives
- Understand the components and significance of GDP and GDP per capita as economic indicators.