what is total output in economicsSolutionWhat is total outpu

what is total output in economics

Solution

What is total output in economics

Total output in economics is defined as the quantity of goods or services produced in a given period ot time by a firm, industry or a country whether consumed or used for further production. It is the national output that makes a country rich, not the amounts of money. It is a tool to determine whether an economy is growing or contracting by comparing outputs at two different points in time. The Gross Domestic Product (GDP) is the measure we use today to measure national economic output.

*****