Question

i. The flow of goods and services produced in an economy during a year.​

Answer 1

Answer:

The total value of goods produced and services rendered within a country during a year is its Gross Domestic Product. Further, GDP is calculated at market price and is defined as GDP at market prices. Different constituents of GDP are: Wages and salaries.

Answer 2

The flow of goods and services produced in an economy during a year is its Gross Domestic Product.

• GDP refers to the total monetary value of all final items and services generated (and sold on the market) inside a country during a given period.
• The most often used metric of economic activity is GDP.
• From one amount of time to the next, economic growth is described as an increase in the production of economic items and services.
• It can be measured in nominal (inflation-adjusted) or real (inflation-adjusted) terms.