Question

Whabis gdp.How do we want tohe various goods and services to calculate gdp.Give eg

Answer 1

Answer:

What is GDP and how is it calculated?

Written out, the equation for calculating GDP is: GDP = private consumption + gross investment + government investment + government spending + (exports – imports). For the gross domestic product, “gross” means that the GDP measures production regardless of the various uses to which the product can be put.

What is a simple definition of GDP?

The Gross Domestic Product measures the value of economic activity within a country. Strictly defined, GDP is the sum of the market values, or prices, of all final goods and services produced in an economy during a period of time.