Question

what is GDP ? how did we estimate GDP ? ​

Answer 1

$\bf{\underline{\underline{Question}}}$

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what is GDP ? how did we estimate GDP ?

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$\bf{\underline{\underline{Solution}}}$

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$\tt{GDP\:is\:known\:as}\\{\tt{\underline{Gross\:Domestic\:Product.}}}$

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A Country GDP is the total of Comsumer spending + Business investment + Govt. spending + net exports.

which is total export - total import.

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It is calculated by ( X - M ).

where, X = Total export

$\:\:\:\:\:\:\:\:\:\:\:\:\:\:$ X = Total Import.

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$\bf{\underline{\underline{Thanks}}}$

Answer 2

$\large { \fcolorbox{gray}{black}{ ✔\: \textbf{Verified \: answer}}}$

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