Hey guys....
Tell me what's the full form of
GDP.....?
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Answers
GDP= Gross Domestic Product.
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DEFINITION:
GDP stands for "Gross Domestic Product" and represents the total monetary value of all final goods and services produced (and sold on the market) within a country during a period of time (typically 1 year).
PURPOSE
GDP is the most commonly used measure of economic activity.
History:
The first basic concept of GDP was invented at the end of the 18th century. The modern concept was developed by the American economist Simon Kuznets in 1934 and adopted as the main measure of a country's economy at the Bretton Woods conference in 1944.
What does"Gross" stand for?
"Gross" (in "Gross Domestic Product") indicates that products are counted regardless of their subsequent use. A product can be used for consumption, for investment, or to replace an asset. In all cases, the product's final "sales receipt" will be added to the total GDP figure.
Domestic (GDP)
"Domestic" (in "Gross Domestic Product") indicates that the inclusion criterion is geographical: goods and services counted are those produced within the country's border, regardless of the nationality of the producer. For example, the production of a German-owned factory in the United States will be counted as part of United States' GDP.
National (GNP)
In contrast, "National" (in "Gross National Product") indicates that the inclusion criterion is based on citizenship (nationality): goods and services are counted when produced by a national of the country, regardless ofwhere the production physically takes place. In the example, the production of a German-owned factory in the United States will be counted as part of Germany's GNP (Gross National Product) in addition to being counted as part of United States' GDP.