Question

Difine GDP and what is the meaning of GDP?

Answer 1

Gross Domestic Product (GDP)

It measures the value of economic activity within a country.

strictly defined,GDP is the sum of all final goods and services produced in an economy during a period of time.

Answer 2

Answer:

The sum of the production in the three sectors (i.e. Primary, Seconday and Tertiary sector) gives Gross Domestic Product of a country.