26 Jul WHY PRODUCED AND NOT COUNTED SALES?
The textbook defines Gross Domestic Product as the market value of all the final goods and services Show more The textbook defines Gross Domestic Product as the market value of all the final goods and services produced within a country in a given time period. As you read this definition identify the essential parts in this definition. Your list should include the following parts:market valuefinal goods and services producedwithin a country andtime period. Please note that if the phrase market value had been left out there would be room for many problems. Notice that when the government reports this figure it doesnt announce how many trains planes and automobiles the country has produced but rather it announces a monetary value. Describe and discuss the remaining essential parts in the definition that isfinal goods and servicesproducedwithin a country andtime period. Whyfinal productsand not intermediate products which may be bought by one firm to be used in the production of another good? Why produced and not counted sales? May some of the produced become inventory? Whywithin a country? Dont we count output that wasnt produced on a nations soil r egardless of who was responsible for producing it? Whytime period? Do we have to be explicitly clear that we are only talking about production that occurred in a certain period? Show less V
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