Which term refers to the total value of all goods and services produced within a given period by a national economy through domestic factors of production?
A) Standard of living
B) Aggregate output
C) Gross domestic product
D) Gross national product
E) Purchasing power parity

Question

Quizplus · Accepted Answer

Gross domestic product (GDP) is the total value of all goods and services produced within a country's borders, regardless of the nationality of those producing them. It includes only domestic factors of production, such as labor and capital. GDP is used as a key indicator of the health and size of a country's economy.

Which Term Refers to the Total Value of All Goods