When a farmer works on fields, he or she produces food grains and raw materials for industries. Cotton becomes cloth in textile mills and in powerlooms. Lorries transport goods from one place to another. We know that the total money value of all such final goods and services produced in a country in a year is called its __________ for that year.
Answer & explanation
Correct answer: option 2
The correct answer is Option 2: gross domestic product
When a farmer works on fields, he or she produces food grains and raw materials for industries. Cotton becomes cloth in textile mills and in powerlooms. Lorries transport goods from one place to another. We know that the total money value of all such final goods and services produced in a country in a year is called its gross domestic product for that year.