Which of the following best describes the term gross domestic product?
A) total quantity of goods and services produced by an economic system
B) total quantity of goods that a country's citizens can purchase with the currency used in their economic system
C) conditions of the economic system in which an organization operates
D) total value of all goods and services produced within a given period by a national economy through domestic factors of production

Question

Quizplus · Accepted Answer

Gross domestic product (GDP) is the total value of all goods and services produced within a given period (usually a year) by a national economy through domestic factors of production. It is a measure of the size and health of an economy. Option A is partially correct but does not include services. Option B is incorrect as GDP is a measure of production, not purchasing power. Option C refers to the business environment, which is not the same as GDP.

Which of the Following Best Describes the Term Gross Domestic