Question

What is gross domestic product?How do we count the various goods and services for services for calculating gross domestic product?Exaplain with example

Answer 1

The value of final goods and services produced by all 3 sectors I.e. primary, secondary and tertiary produced during a particular year is known as total production of the sector for the year.

And the sum of production of all these 3 sectors is GROSS DOMESTIC PRODUCT(GDP).

To count these products we just count the final goods produced by them. This is because the value of intermediate goods had already been add up in them.

For example- biscuit is a final good which will be counted during GDP estimation while the wheat, flour etc. will not be counted.

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Answer 2

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gross domestic product -

GDP is the total amount of goods and services produced in a country in a particular year.

GDP is the total amount of goods and services produced in a country in a particular year.It is calculated by adding the prices of all the final goods.

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