Question

What is gross domestic Product ? How do we.count the various goods and services por calculating gdp? Explain with examples.​

Answer 1

Answer:

Gross Domestic Product (GDP) is the market value of the final goods and services produced during a year within the domestic territory of a country. While calculating GDP, final goods and services are counted to avoid the problem of double counting. For e.g. a farmer sold wheat to a flour mill for 10 per kg.

Answer 2

Answer:

❥Solution :-

• Gross Domestic Product (GDP) is the market value of the final goods and services produced during a year within the domestic territory of a country. While calculating GDP, final goods and services are counted to avoid the problem of double counting. For e.g. a farmer sold wheat to a flour mill for 10 per kg. The mill grinds the wheat and sells the flour to a biscuit company for .12 per kg. The biscuit company uses the flour, sugar and butter to make 5 biscuit packets. It sells the biscuit to the consumer at .15 per biscuit packet. Here biscuits are the final goods that are purchased by the consumer. Wheat and wheat flour are the intermediate goods used in the production of final good. The value of 15 already includes the value of flour .12. Hence, only the value of final goods and services are included in GDP.

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Date : Tue.14.sep

Answer by : Aahna (panda) missilligal