GDP and double counting
Answers
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 .
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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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