What is GDP?explain the process of calculating it
class 10 economics chapter 2
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Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. ... Though GDP is typically calculated on an annual basis, it is sometimes calculated on a quarterly basis as well.
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G.D.P. is the sum of the money value of final goods and services produced in each sector during a particular year within domestic territory of a country.
Only final goods and services are counted in G.D.P. because:
(i) The value of final goods already includes the value of all intermediate goods.
(ii) To count the value of the flour and wheat separately is therefore not correct because then we would be counting the value of the same things a number of times.
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