Question

what is the total amount of final goods and service produced in a country that people, businesses, governments, and foreigners plan to buy?

Answer 1

The total amount of final goods and service produced in a country that people, businesses, governments, and foreigners plan to buy is Gross domestic product (GDP).

What is Gross domestic product (GDP)?

• GDP is a metric for a country's economic output. GDP is a measure of the overall economic output of new products and services in a particular year.
• The circular flow diagram can be used to illustrate GDP as a flow of income moving in one direction and expenditures on resources, products, and services moving in the opposite way.
• According to this model, households purchase goods and services from businesses, and vice versa.
• The circular flow figure shows how the national income calculation methods of using income and expenditures are equivalent.
• Money (revenue from the sale of the commodities, services, and resources) travels counterclockwise in this picture while goods, services, and resources go clockwise.

Learn more about the Gross domestic product (GDP) with the help of the given link:

brainly.com/question/15682765

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