The total money values of all goods and services produced in a country during a certain period is measured by using the?
Answer Details
The total money value of all goods and services produced in a country during a certain period is measured using the output method, also known as the production approach. The output method involves adding up the total value of all goods and services produced in a country, by all firms and industries, during a particular period. This is also known as gross domestic product (GDP). The GDP is a measure of a country's economic performance and is used to determine the size and growth rate of its economy. The output method of measuring GDP is based on the value of the goods and services produced, regardless of who buys them, and is therefore an objective measure of economic activity within a country.