Answer:
$12 million
Explanation:
Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year
GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export
contribution to GDP = value of final good - value of intermediate good
14 = 2 = 12
Answer:
Product
Explanation:
Product concept is based on general behavior of consumer. According to this concept consumers prefer product which has the best features, quality and performance given the price of product. Product concept is one of the important marketing strategies in order to match the expectation and demand of customers. Product concept facilities in giving identity to the product in relation to other similar product in the market. This concepts consistently asses the needs of consumer by using research and survey of market and consumer. Based on it features of products are modified to make product better.
Since this problem statement is discussing about desirable attributes of products and improvement in product it pertains t product concept as defined above.
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Consider the wealth effect, interest rate effect, and international trade effect. Of these, the wealth effect is the most significant and the international effect is the least significant.
<h3>What is the wealth effect?</h3>
This is the theory that states that people spend more money on commodities as they experience an increase in their wages.
<h3>What is the international effect?</h3>
This is the theory that the given differences that exist in nominal interest rate of countries is useful for prediction of changes in interest rate.
Read more on wealth effect here; brainly.com/question/26960365
