MGTA02H3 Chapter 1: Chapter 1 Textbook notes

32) Which of the following best describes the term gross domestic product? a) total value of all goods and services produced within a given period by a national economy through domestic factors of production total quantity of goods and services produced by an economic system conditions of the economic system in which an organization operates total quantity and quality of goods and services that a country's citizens can purchase with the currency used in their economic system total value of all goods and services produced by a national economy within a given period regardless of where the factors of production are located

3. The two classifications of business goods are: a) Products and services b) Production and support c) Manufacturing and distribution d) Variable and fixed e) Perishable and non-perishable