Question

what is GDP how do we count the various goods and services for calculating GDP in 5 marks​

Answer 1

Answer:

Its explaination in ncert is given....

but no problerm i will tell u...

GDP - is the sum of the finished value in a country.

steps to count GDP are as follows:

To calculate GDP we sum the prices of all the finished goods and services produced in a year.

we only count the value of finished goods because in intermediate goods no. of things are used and if we count them individualy it make the prices more. this leads to double counting. it crets a confusion . so we used to add the value of all the finished goods and sevices not of intermediate goods.

Hope you understand dear.. otherwise you can also prefer class 10 economics book there it is given in detail with examples.....

if it helped u then plz don't foget to mark my ans. as brainliest and follow me mate.......

Answer 2

Answer:

GDP ( gross domestic product) in which the value of final goods and services produced in each year provides the total production of the sector for that year .

the sum of the production in the three sector gives GDP

intermediate goods are not include in GDP