Question

what is GDP explain ? what precautions should taken when calculating the value of GDP​

Answer 1

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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