Question

What is GDP ? explain the process to calculate GDP.
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Answer 1

$definition$

The good and services produced in a country with in a given period of time is known as GDP

$process$

GDP = Consumption + Government Expenditures +Investment+ Exports - Imports.

Answer 2

Answer: 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.