What do you mean by term gross domestic production what precautions should we take in calculating GDP
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Explanation:
The value of production of all the three sectors in a year of a country
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Answer:
What do you mean by Gross Domestic Product (GDP)? How it is
calculated?
Ans. Gross Domestic Product (GDP)
1. it refers to the market value of all the final goods and services
produced within a country during a particular year.
2. The value of final good is only used to calculate GDGDP.
3. In India it is measuring by the central government ministry.
4. The sum of production in the three sectors gives us the GDP(
Primary+ secondary + tertiary).
5. The money value of the goods and services should be added
rather than adding up the actual numbers.
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