Question

GDP is the total value of _________ produced during a particular year.
(i) all goods and services
(ii) all final goods and services
(iii) all intermediate goods and services
(iv) all intermediate and final goods and services

NCERT Class X
Social Studies - Understanding Economic Development

Chapter _Sectors of the Indian Economy

Answer 1

GDP or ‘Gross Domestic Product’ is the final value of goods and services.  

GDP is the “market value” of all “final goods” and “services” within a nation or country in a year. GDP can also be defined as it is equal to the total expenditure incurred for all ‘final goods and services’ produced within a country.

Here is the formula for measuring GDP through expenditure method.  

GDP = [Consumption (C) + Gross Investment (I) + Government spending (G) + (Export(X) - Import (M))]

GDP = [C + I + G + (X - M)].

Answer 2

Answer:

It is the value of all final goods and services produced within a country during a particular year. GDP shows how big the economy is.

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