Question

Define the terms :GDP and GNP ?

Answer 1

Explanation:

GDP (Gross Domestic Product) is a measure of (national income = national output = national expenditure) produced in a particular country. GNP (Gross National Product) = GDP + net property income from abroad. This net income from abroad includes dividends, interest and profit.

Answer 2

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• 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.

GDP = C + I + G + (X – M)

where

• C = private consumption
• I = gross investment
• G = government investment + government spending
• X = exports
• M = imports