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What term do economists use to describe the dollar value of all final goods and services produced within a country's borders in a given year?
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∙ 6y ago
gross domestic product, or GDP
Wiki User
∙ 6y ago
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Describe the difference between real and current GDP?
The current GDP is the value of all products and services produced in a country. The real GDP is the value of all the goods and services produced and are expressed in current prices in a country.
What do economists call the physical things that firms make things that can be seen or touched?
Economists call the things that firms sell which cannot be touched or seen goods and services.
What different types of Economists are there?
There are several types of economists. A major distinction is typically between macroeconomists - economists focused on the economic performance of an entire country, and microeconomists - economists which focus in greater detail on the market for certain goods or services. In addition, several other branches of the subject such as behavioural economics (combining psychology with economics) exist and have economists specialising in these fields.
What determines what goods and services are produced?
Consumers determines what goods and services are produced.
Utility is the concept that economists use to measure the a person gets from the use or consumption of goods and services.?
satisfaction
Why is scacity a problem that economists related to economy?
It means only a limited amount of items has been produced therefor limit of goods and services will be produced
Describe the difference between real and current GDP?
The current GDP is the value of all products and services produced in a country. The real GDP is the value of all the goods and services produced and are expressed in current prices in a country.
True or false Economists study the processes of the human mind?
False - economists are concerned with the production and consumption of goods and services and the analysis of the commercial activities of a society
What do economists call the physical thing's that firms make (things that can be seen or touched )?
Economists call the things that firms sell which cannot be touched or seen goods and services.
What do economists call the physical things that firms make ( things that can be seen or touched)?
Economists call the things that firms sell which cannot be touched or seen goods and services.
What do economists call the physical things that firms make things that can be seen or touched?
Economists call the things that firms sell which cannot be touched or seen goods and services.
What different types of Economists are there?
There are several types of economists. A major distinction is typically between macroeconomists - economists focused on the economic performance of an entire country, and microeconomists - economists which focus in greater detail on the market for certain goods or services. In addition, several other branches of the subject such as behavioural economics (combining psychology with economics) exist and have economists specialising in these fields.
What determines what goods and services are produced?
Consumers determines what goods and services are produced.
Utility is the concept that economists use to measure the a person gets from the use or consumption of goods and services.?
satisfaction
Economists use the concept of what to measure the satisfaction a person gets from the use or consumption of a good and services?
Utility
When economists use dollars to count the total value of goods and services they are using money as a?
Measure Of Value
What Utility is the concept that economists use to measure the a person gets from the use or consumption of good and services?
Satisfaction
