Question

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q.What is GDP? Explain the process to calculate GDP?​

Answer 1

Answer:

G.D.P. is the sum of the money value of final goods and services produced in each sector during a particular year within domestic territory of a country.

Only final goods and services are counted in G.D.P. because:

(i) The value of final goods already includes the value of all intermediate goods.

(ii) To count the value of the flour and wheat separately is therefore not correct because then we would be counting the value of the same things a number of times.

Answer 2

Answer:

GDP- GROSS DOMESTIC PRODUCT

Explanation:

GDP is the final market value of goods and services produced in a year with in the domestic territory of the country