Question

5. What is GDP?How does it show richness of any
country?​

Answer 1

Answer:

Definition of 'Gross Domestic Product'

Definition: GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. GDP growth rate is an important indicator of the economic performance of a country.

Explanation:

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Answer 2

$\underline{\underline{\sf{Answer}}}$

⟹GDP measures the total market value (gross) of all U.S. (domestic) goods and services produced (product) in a given year.

⟹When compared with prior periods, GDP tells us whether the economy is expanding by producing more goods and services, or contracting due to less output