In class, we noted that the most commoly accepted measure of economic performanc

Question

In class, we noted that the most commoly accepted measure of economic performance in the U.S. is GDP. What words do the initials GDP stand for? Just give me the three words, not a definition. 2) In class, we defined GDP as "Total Primary Income of all producers of goods and services". In turn, we defined Total Primary Income as: "Gross Domestic Output minus Intermediate Consumption". What is meant by the term, Domestic Output? That is, what is it that makes output Domestic? Answer briefly, but be clear about HOW Imports and Exports are treated in the determination of Domestic Output. 3) In class, define meant by the term, "Intermediate Consumption"? we defined GDP as "Total Primary Income of all producers of goods and services". In turn, we d Total Primary Income as: "Gross Domestic Output minus Intermediate Consumption". What is

Explanation / Answer

1) GDP = Gross Domestic Product.

2) Domestic Output = This term refers to all the products which are manufactured with in the countries limits and services provided with in the teritory of the country. In calculating domestic output, we always take the net exports which is calculated as (total exports - total imports)

3) Intermediate consumption = It is expressed as total value of goods and services consumed as an inputs to production by companies, the consumption includes raw materials, services and other expenses.

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