Question

What is GDP? Explain with example the method of calculating GDP.

Answer 1

Answer:

IT IS GROSS DOMESTIC PRODUCT

Explanation:

• It is a finanace straight of the market value of all the concluding goods and services delivered in the periods of time often periodically
• GDP- consumer + investment

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