Define GDP ??????????
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GDP: Gross Domestic Product
As the name itself suggests, it is the gross monetary value of all the products produced domestically.
It is the measure of the health of the economy of a country.
As it is a universal standard, it is also used to compare the economic status of the countries.
How GDP is calculated?
The main idea behind the calculation of GDP is to convert all of the products into a monetary value. Be it calculated by Expenditure method, Income method or production method.
GDP: Gross Domestic Product
As the name itself suggests, it is the gross monetary value of all the products produced domestically.
It is the measure of the health of the economy of a country.
As it is a universal standard, it is also used to compare the economic status of the countries.
How GDP is calculated?
The main idea behind the calculation of GDP is to convert all of the products into a monetary value. Be it calculated by Expenditure method, Income method or production method.
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8
Hey mate!
Here's your answer!!
◾️GDP stands for gross domestic product.
◾️It is the sum total of all final goods and services produced in a country during a particular year. It shows how big the economy is.
◾️It is the sum of production in all sectors.in india this mammoth task is undertaken by central govt. ministry.
◾️It collects information with the help of various govt. departments of all states and union territories.
✔️The following equation is used to calculate the GDP: GDP = C + I + G + (X – M) or GDP = private consumption + gross investment + government investment + government spending + (exports – imports).
✌ ✌
Here's your answer!!
◾️GDP stands for gross domestic product.
◾️It is the sum total of all final goods and services produced in a country during a particular year. It shows how big the economy is.
◾️It is the sum of production in all sectors.in india this mammoth task is undertaken by central govt. ministry.
◾️It collects information with the help of various govt. departments of all states and union territories.
✔️The following equation is used to calculate the GDP: GDP = C + I + G + (X – M) or GDP = private consumption + gross investment + government investment + government spending + (exports – imports).
✌ ✌
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