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Compared to last year's high school grades,your marks declined during the first semester of university. What phenomenon has taken place?
Gross Domestic Product
The total market value of all final goods and services produced within a country in a given period of time, typically annually.
Inventories
Raw materials, work-in-progress goods, and completely finished products that companies hold to facilitate business operations.
Intermediate Goods
Products that are used as inputs in the production of other goods or services rather than being bought by consumers.
Final Output
The total value of all goods and services produced and sold for final use in the economy, avoiding duplication by excluding intermediate goods.
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