Question

explain the concept of gross domestic product in your own words.​

Answer 1

Explanation:

Gross Domestic Product (GDP) is the final monetary value of the goods and services produced within the country during a specified period of time, normally a year. In simple terms, GDP is the measure of the country's economic output in a year.

Answer 2

Gross domestic product is the sum total of all goods and services produced within the economy.

Explanation:

1. GDP or gross domestic product is a very important indicator of economic development which can be defined as the sum total of all the goods and services produced in an economy during a specified period of time.
2. GDP is only an index and does not measure the actual social development in any economy because it only considers the monetary factors.
3. A high GDP in an economy signifies high economic development whereas low GDP signifies low economic development.