Question

Ekplain the term GDP​

Answer 1

Answer:

The total value of all the goods and services produced in a country in one year is called GDP.

Answer 2

"$\large \green{ \fcolorbox{gray}{black}{ ☑ \: \textbf{Verified \: answer}}}$

• 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.

• GDP = C + I + G + (X – M)

where

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