How can we calculate GDP.
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The following equation is used to calculate the GDP: GDP = C + I + G + (X – M) or GDP = private consumption + gross investment + government investment + government spending + (exports – imports).
Nominal value changes due to shifts in quantity and price.
Nominal value changes due to shifts in quantity and price.
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Hey there!!!
=>> In order to estimate GDP, we need to aggregate the money values of all the goods and services that are produced within the domestic territory of an economy during an accounting period. In higher studies of Economics, you will learn the three methods of estimating GDP and how the three methods are followed to determine National Income and other important economic aggregates.
Hope it helped!!!!!!!!!☺️
=>> In order to estimate GDP, we need to aggregate the money values of all the goods and services that are produced within the domestic territory of an economy during an accounting period. In higher studies of Economics, you will learn the three methods of estimating GDP and how the three methods are followed to determine National Income and other important economic aggregates.
Hope it helped!!!!!!!!!☺️
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