The GDP is measure that includes in it all of the final goods that have been produced in a particular economy, in a particular time frame, most commonly one year. This includes the investments, cost in infrastructure, additions to private inventories, all of the public and private consumption, government outlays, as well as the foreign trade balance. The GDP can be a good indicator about an economy, but it can also be misleading. It is a measure that is also often used to describe the economic power and the living standard of the countries, but that is not a good idea as the GDP is not a good indicator for it and gives wrong perception more often than not.
The difference between the realized overheads and the estimated overheads is the total overhead cost.
<h3>What are total overhead costs?</h3>
Total overhead costs are identified as the costs related to administration, sales, marketing, and production. Before the total overhead costs are realized, a budget regarding estimated costs is prepared.
The calculation of the total overhead costs is actual overhead costs less the budgeted overhead costs.
Hence, the aforementioned statement regarding total overhead costs holds true.
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