Question

Total output of an economy can be divided into its alternative uses by considering who bought the output. when other countries purchase part of an economy's output, this is called?

Answer 1

Total output of an economy can be divided into its alternative uses by considering who bought the output. when other countries purchase part of an economy's output, this is called Gross Domestic Product [GDP],

Gross Domestic Product

The total monetary or market worth of all the finished goods and services produced within a nation's boundaries during a certain time period is known as the gross domestic product (GDP). It serves as a thorough assessment of the state of the economy in a particular nation because it is a wide indicator of total domestic production.

Although it is often calculated on a yearly basis, GDP can also be computed on a quarterly basis. For instance, the US government estimates the annualized GDP for the entire year as well as each fiscal quarter.

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