Question

what is gdp ? how it is calculated ? plz answer in detail (5marks) and answer should be according to class 10th​

Answer 1

Answer:

Gross Domestic Product, abbreviated as GDP, is the total value of goods and services produced in a country. GDP is measured over specific time frames, such as a quarter or a year.

GDP can be calculated by adding up all of the money spent by consumers, businesses, and government in a given period. It may also be calculated by adding up all of the money received by all the participants in the economy. In either case, the number is an estimate of "nominal GDP."

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Answer 2

Explanation:

What is Gross Domestic Product (GDP)?

Gross Domestic Product meaning: Gross Domestic Product, abbreviated as GDP, is the total value of goods and services produced in a country.

How to Calculate the GDP of a Country ?

KEY TAKEWAYS:

1⃣GDP can be calculated by adding up all of the money spent by consumers, businesses, and government in a given period.

2⃣It may also be calculated by adding up all of the money received by all the participants in the economy.

3⃣In either case, the number is an estimate of "nominal GDP."

4⃣Once adjusted to remove any effects due to inflation, "real GDP" is revealed.

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