Question

⭕️⭕️ HOLLA FRNDZ ⭕️⭕️⭕️

ANSWER THE FOLLOWING QUESTIONS ⭐️⭐️⭐️⭐️

1. WHAT IS GDP ? ☺️☺️

2. HOW DO WE COUNT THE VARIOUS GOODS AND SERVICES FOR CALCULATION GDP ? EXPLAIN WITH EXAMPLE ?

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UNWANTED ANSWER GET REPORTED. ❌❌❌

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Answer 1

Hey mate ^_^

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Answers:
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1) Gross Domestic Product (GDP) is the total sum of the value of the final goods and services of the Primary, Secondary and Tertiary sectors of the economy of a country produced during a year.


2)
=> It is not feasible to count every good and services produced in actual numbers.

=> Rather, we calculate  value of  the final goods and services produced in a year, in each sector.

=> ​The value of final goods  also includes the value of all the intermediate goods that have been used in making the final good.

=> The value of final goods and services produced in each sector in  a year provides for total production in that sector.

=> The sum of production in all three sectors thus gives us Gross Domestic Product.

=> Final goods are used for calculating GDP, these are goods which are used for direct consumption by the consumers.



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Answer 2

GDP stands for Gross Domestic Product . Gross Domestic Product is a monetary measure of the market value of all the final goods and services produced in a period of time, often annually or quarterly.

The following guidelines aid in calculating the total production in a given sector:

- The value of the goods are calculated rather than the numbers of the individual goods.

-The value calculated is of the final products and services which automatically includes the values of the intermediate goods and services.

-The total production is then acquired by adding the total value of the final value of the goods and services in a given sector. This will give us the GDP in this sector.