Question

The values of goods and services produced in an economy in a finical year is​

Answer 1

Answer:

GDP is the final value of all goods and services produced by a country in a given time period. It is widely used as an indicator of economic progress.

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Answer 2

Answer

GDP refers to output produced in the country, irrespective of the ownership of the factors of production. For example, the production of a foreign unit in India is included in India’s GDP.

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