Question

what is meant by GDP and how you will difine it how they calculate



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Answer 1

Answer:

Gross Domestic Product

Answer 2

Answer:

GDP means Gross Domestic Product it is calculated using the following method

The following equation is used to calculate the GDP: GDP = C + I + G + (X – M) or GDP = private consumption + gross investment + government investment + government spending + (exports – imports). Nominal value changes due to shifts in quantity and price.

Explanation: