how is gross domestic product calculated ?
Answers
A GDP calculated by using the formula:
GDP=C+G+I+NX.
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● The total value of goods and services produced in a country is gross domestic product.
● The value of intermediate goods is not considered for GDP.
● Economists take the value of goods and services rather than adding number of goods.
● People engaged in various economic activities in the three sectors i.e Primary, secondary and service produced large number of goods and services whose total is GDP.
Additional information:
Primary sector:
Primary sector is the sector which involves agriculture activities and related activities like mining,forestry and fishing etc.
Secondary sector:
It is the sector which is engaged in manufacturing of goods from raw materials provided by the Primary sector.
Service sector:
Teritory sector is also called service sector. The activities that don't directly produce a good but provide services that are required in population and other services for people.