Question

FULL FORM OF GDP?

What is its proper definition!! ☺️​

Answer 1

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✨FULL FORM OF GDP IS GROSS DOMESTIC PRODUCT.

✨It is the total value of goods and services that are produced within a country in a particular year.

✨It is the broadest quantitative measure of a nation's total economic activity.

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Answer 2

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${\red{\boxed{\large{\bold{GDP\: =Gross \: Domestic \: Product }}}}}$

★ Gross Domestic Product

It is the market value of the final goods and services produced during a year within the domestic territory of a country.

↪It is an important indicator of the economic performance of a country.

★Methods to calculate GDP:

It can be measured by three methods,

1. Output method
2. Expenditure method
3. Income method