Question

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

CBSE Class X Social Science SA ( 3 marks)

Answer 1

GDP 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 GDP 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.

Answer 2

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