The gross domestic product (gdp) concept accounts for society's valuation of the relative worth of goods and services by using a rev: 04_09_2018 multiple choice monetary measure utility measure measure of physical weight measure of volume

The correct answer is: monetary measure

Explanation:

Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. It is an indicator to measure the economic health of a country.  Most of the individual data sets will also be given in real terms, meaning that the data is adjusted for price changes, and is, therefore, net of inflation.

The monetary measurement concept underlines the fact that every recorded event or transaction is measured in terms of money, the local currency monetary unit of measure.

It counts all of the output generated within the borders of a country. GDP is composed of goods and services produced for sale in the market and also includes some nonmarket production, such as defense or education services provided by the government.

GDP can be determined via three methods. All, when correctly calculated, should generate the same figure. These three approaches are often termed the expenditure approach, the output  approach, and the income approach.

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