how do we calculate GDP CLASS 10
Answers
Explanation:
The value of the final goods and services produced in each sector during a particular year provides the total production of the sector for that year. Thus, GDP is the sum value of the final goods and services of the three sectors (Primary, Secondary and Tertiary) produced within a country during a particular year.
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.