What do you mean by the term Gross Domestic Product? What precautions should be taken in calculating GDP?
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It is the calculation of values of all final goods and services within a year. Precaution in Calculating GDP: There is a precaution one has to take. Not every good (or service) that is produced and sold needs to be counted. It only includes the final goods and services
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Production in a country or state within a time period normally a year. It is the calculation of values of all final goods and services within a year.
Precaution in Calculating GDP:
It only includes the final goods and services. Final goods include the values of all raw material and intermediate goods.
Khadijah21
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