Question

What does gdp stand for ?explain the process to calculate gdp?

Answer 1

gross domestic production

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.
• It is the sum of production in all sectors.in india this mammoth task is undertaken by central govt. ministry.
• It collects information with the help of various govt. departments of all states and union territories.

GDP = C + I + G + (X – M)

where

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