Question

83 3. Define
(1) GDP
(67) Final goods
(1) Internediate goods
Prional
Dectors
(y) Tertiary Sector
(​

Answer 1

Answer:

Gross domestic product

Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.

How is GDP Measured?

Introduction

In our earlier article, What Is Gross Domestic Product (GDP), we have discussed the term GDP in detail. Now, Let’s understand what this GDP number tells us? How it is calculated? What are Methods of GDP Calculation?

What Is Gross Domestic Product (GDP)?

GDP is the final value of the final goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year.

It counts the goods and services produced within the country and hence does not consider the products that the country imports from another country.

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Answer 2

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.

final goods: A final good is an item produced for the direct use by end consumers. Final goods are also referred to as consumer goods.

Intermediate goods: this goods producer goods or semi-finished products are goods, such as partly finished goods, used as inputs in the production of other goods including final goods.

debtor: A person, country, or organization that owes money.

territory sector: the sector of an economy concerned with or relating to tertiary industry.

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