The average number of times that a dollar is spent in buying the total amount of final goods and services produced during a given time period is known as the velocity of money.
The velocity of money is a measure of how often a dollar is spent on final goods and services. It is a key indicator of economic activity, as it provides a gauge of how quickly money is circulating through the economy. A high velocity of money indicates that money is changing hands frequently and that economic activity is high.
In order to better understand the velocity of money, it is important to first understand what is meant by the term "final goods and services." Final goods and services are those that are produced for the purpose of being consumed by the ultimate user, rather than being used in the production of other goods and services. In other words, they are the end products of the economic process.
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