00:01
Hello, in this question we are determining whether we are determining which of these statements about the gdp is correct.
00:11
Before we can even decide which of these is correct about the gdp, we need to understand what gdp even is.
00:20
So, gdp or gross domestic product.
00:41
All right, so gdp measures monetary value of final goods and services produced in a country in a given time.
01:36
So it is the collective value of collective value of all goods and services and a given.
01:43
A country, all of the income and monetary value.
01:50
So now we can go back up and look at our answer choices and try to see which of these would best answer the question.
02:00
Which of these is correct about gdp? so a is gdp measures two things at once, total income of everyone in the economy, and the unemployment rate of the labor force.
02:11
This is incorrect because we already said.
02:14
That includes all final goods and services produced in a country...