Question

Define Gross Domestic Product briefly?

Answer 1

Gross Domestic Product (GDP) is the broadest quantitative measure of a nation's total economic activity. More specifically, GDP represents the monetary value of all goods and services produced within a nation's geographic borders over a specified period of time.

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Answer 2

$\mathcal{ANSWER}$

Gross Domestic Product is the value of all final goods and services produced within a country during a particular area .This means :-

GDP = Value of all goods and services of (Primary sector + Secondary sector + Tertiary sector )

$\underline{\Large\text{Examples}}$

$\begin{array}{| c | c | c | c |}\cline{1-4} \bold{Year} & \bold{Primary \ sector} & \bold{Secondary \ sector} & \bold{Tertiary \ sector} \\\cline{1-4} \bold{1950} & \bold{80,000} & \bold{19,000} & \bold{39,000}\end{array}$

Here, GDP of these three sectors = 80,000 + 19,000 + 39,000

= 138000 crore

$\boxed{\bold{GDP = 138000 \ crore}}$