whaT iS GdP....?????
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GDP stands for gross domestic product it is value of all final goods and services produced in all three sector in a year.
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Answer:
Gross Domestic Products it a "measure of the market" values of all products and services produced in a particular time in a particular nation.
Explanation:
GDP modern concept is made up by the modern American Economist Simon Kuznets in 1934 which states that “Gross Domestic Product is a measure of the market values of all "products and services provided in a precise time".
The GDP is calculated in the following manner,
GDP= "consumption+ investment (Private and Government) + Spending + (Exports – imports)".
GDP is mostly calculated by the "national statistical agency" of that particular country. It is most commonly used for economic activity measurement.
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