Question

Short note on GDP For 5 Marks

Plz answer quickly

Answer 1

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Gross domestic product (GDP) is a monetary measure of the market value of all final goods and services produced in a period (quarterly or yearly) of time. Nominal GDPestimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons.

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Answer 2

GDP stands for Gross domestic product

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☣ what is GDP? 

=> GDP is a total value of goods produced and services provided in a country during one year. 

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1.  Nominal GDP estimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons. 

2.  A gross domestic product is the best way to measure a country's economy. GDP is the total value of everything produced by all the people and companies in the country

3.  The value of a country's overall output of goods and services at market prices, excluding net income from abroad.