For what does GDP stands for ?
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Explanation:
GDP.
GDP STANDS FOR GROSS DOMESTIC PRODUCT.
IT SHOWS THE OVERALL PRODUCTION OF THE COUNTRY.
WE CAN DEFINE GDP :
GDP IS THE SUM OF THE VALUE OF THE ALL FINAL GOODS AND SERVICES PRODUCED IN ALL THE THREE SECTORS OF THE ECONOMY.
WHILE CALCULATIONS OF GDP WE DO NOT CALCULATE THE VALUE OF INTERMEDIATE PRODUCT WE CALCULATE THE VALUE OF FINAL GOODS AND SERVICES AS IT REDUCES THE CHANCES OF REPETITION.
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