Question

GDP and double counting​

Answer 1

Answer:

GDP GROSS DOMESTIC PRODUCT

Explanation:

IT IS CALCULATED EVERY YEAR ANNUALLY IT TAKES IN ACCOUNT ONLY MEASURE OF FINAL GOODS AND SERVICES

NOTE IT DOES NOT TAKE INTERMEDIATE GOODS .

Answer 2

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What is GDP and double counting?

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Gross Domestic Product (GDP) :

The Gross Domestic Product measures the value of economic activity within a country. Strictly defined, GDP is the sum of the market values, or prices, of all final goods and services produced in an economy during a period of time. GDP is a number that expresses the worth of the output of a country in local currency.(In India it is calculated in Rupees)

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Double counting :

Double counting means counting of the value of the same product (or expenditure) more than once. In this way certain items are countedmore than once resulting in over-estimation of national product to the extent of the value of intermediate goods included.

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