Briefly describe the term gross capital formation?

Question: Briefly describe the term gross capital formation?

Gross capital formation is a term used in economics to measure the total amount of fixed assets and inventories that are created or acquired in a given period of time. Fixed assets are tangible goods that can be used for production, such as machinery, buildings, or vehicles. Inventories are stocks of raw materials, intermediate goods, or finished products that are held by firms or households. Gross capital formation reflects the level of investment and savings in an economy, which can affect its growth and development.

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