Economy, asked by Lipikayadav93, 1 year ago

How do we consider goods and services for the calculation of GDP? Plz ans it fast .

Answers

Answered by RohitSaketi

goods and services produced/provided in that particular year in a whole will constitute for GDP of that..but what's it question..it is lacking main motto!

Lipikayadav93: The qus. Was what is GDP? How do we consider goods and services for its calculation

RohitSaketi: ok i mentioned the definition in my answer it is the total value of goods and services produced or provided in a year ina country..is its gdp

RohitSaketi: it can be calculated in 2 methods.. income and expenditure..as the names suggest incomes are added in one and expenditures in the later

RohitSaketi: to calculate the total value of goods and services..we have a formula to derive it..c+i+g+(x-m)

RohitSaketi: consumption,private investment,govt.investment, x stands for exports and m fot imports

Lipikayadav93: OK thx but I had already got the ans.

RohitSaketi: anything..if yes .tell me one line..so that i ll learn a new point..just 1 or 2 lines are enough

Lipikayadav93: Only final goods & services are taken to calculate. GDP bcoz GDP provides the total production of a particular year . the final goods & services suggests the end result of the economic activity of a particular year & that's why it is taken into account in order to provide with a correct & rational figures.

Lipikayadav93: That was the ans I got .

RohitSaketi: almost similar to my answer but different wording..thanks a lot.. lipika means"short letter" but ur comment is not short..thanks for u patience.gud bye!

Previous Question

Next Question