ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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aggregate supply
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aggregate demand
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supply
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demand
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Detailed explanation-1: -GDP (gross domestic product) measures the size of an economy based on the monetary value of all finished goods and services made within a country during a specified period. As such, GDP is the aggregate supply.
Detailed explanation-2: -Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a given country’s economic health.
Detailed explanation-3: -Economists define supply as the quantity of a good or service that producers are willing and able to offer for sale at each possible price during a given time period.
Detailed explanation-4: -Aggregate supply is the total quantity of output firms will produce and sell-in other words, the real GDP. Aggregate demand is the amount of total spending on domestic goods and services in an economy.
Detailed explanation-5: -An aggregate is a composite value measuring the result of economic activity. The main aggregate is GDP.