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A measure of the output of goods and services in an economy is called what?

Question:

A measure of the output of goods and services in an economy is called what?

National Income and Product Account:

The national income and product account (NIPA) is a system of national accounts for the United States. NIPA keeps track of output, consumption, and investment that took place in the country each year.

Answer and Explanation:

A measure of the output of goods and services in an economy is called Gross Domestic Product.

Gross domestic product (GDP) is the market value of final goods and services produced in a country within a given period, usually a year. Since GDP is measured in dollars, a set of prices must be specified and used in the calculation. When GDP is measured using the current year prices of different goods and services, the resulting number is known as nominal GDP. When GDP is measured using base year prices, the resulting number is called real GDP.


Learn more about this topic:

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Gross Domestic Product: Definition and Components

from Economics 102: Macroeconomics

Chapter 4 / Lesson 3
66K

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