Econ 214 certification - Study guides, Class notes & Summaries

Gross Domestic Product:The market value of all final goods and services produced within a country during a specific period. Intermediate Goods:Goods purchased for resale or for use in producing another good or service. Final market goods and services:Goods and services purchased by their ultimate user. What counts towards GDP?1. Only final goods and services count 2. Only transactions involving production count (produced) 3. Only production within the country is counted 4. Only goods ...