Gross Domestic Product is defined as follows:
"The monetary value of all the finished goods and services produced within a country's borders in a specific time period."
What does "services produced" represent? I assume that "goods" are items like automobiles, shoes, appliances, etc.
I thank you for your reply.
Thank you for your query. Goods are all tangible elements manufactured, as you said, shoes, cars, etc. Services are intangibles but have value: the services of a cleaning lady, having your car washed, the services of a cobbler, for example. We look at the value of services provided in an economy. The teacher, the doctor, the chef, they all provide services that has value.