Question

what do you understand by the GDP of a country and state the method of calculating GDP?
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Answer 1

Explanation:

Gross Domestic Product meaning: Domestic Product, abbreviated as GDP, is the total value of goods and services produced in a country.

Answer 2

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GDP stands for Gross Domestic Product.

• It is the sum total of all final goods and services produced in a country during a particular year. It shows how big the economy is.

GDP = C + I + G + (X – M)

where

• C = private consumption
• I = gross investment
• G = government investment + government spending
• X = exports
• M = imports