Question 1
Gross domestic product (GDP) is a phrase or term that is often used in economics. It essentially refers to the market value of the total final goods, product or services that are produced in a certain nation within a given period of time (Bouman n.p). A final good generally refers to an item that is sold to the final user. This is the usually the final consumer, but it can also refer to firm making investment, government or even a foreign entity. A good is generally classed as a final good when it has reached the ultimate or final sale point in a given year. ...