ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When a country announces that it will no longer trade with another country in order to isolate and cause problems with that country’s economy.
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Knowledge and skills that make it possible for workers to earn a living.
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The total market value of the goods and services produced by a country’s economy during a specific period of time.
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Factories, machines, and technology that people use to make products to sell.
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Detailed explanation-1: -GDP stands for “Gross Domestic Product” and represents the total monetary value of all final goods and services produced (and sold on the market) within a country during a period of time (typically 1 year). GDP is the most commonly used measure of economic activity.
Detailed explanation-2: -What is Gross Domestic Product? A comprehensive measure of U.S. economic activity. GDP measures the value of the final goods and services produced in the United States (without double counting the intermediate goods and services used up to produce them).
Detailed explanation-3: -Gross Domestic Product is the monetary value of all goods and services produced in a country in a specific time period. It is a measure of a country’s economic growth. With increased GDP, generally, the per capita income also increases.
Detailed explanation-4: -GDP is the total money value of all final goods and services produced in a country in a year.
Detailed explanation-5: -The GDP is the total of all value added created in an economy. The value added means the value of goods and services that have been produced minus the value of the goods and services needed to produce them, the so called intermediate consumption.