Question

What is meant by Gross Domestic Product

Answer 1

Answer:

GROSS DOMESTIC PRODUCT (GDP)

__________________________

GDP is the broadest quantitative measure of a nation's total economic activity. More specifically, GDP represents the monetary value of all goods and services produced within a nation's geographic borders over a specified period of time.

----------------------------------------------------------------✌✌

Answer 2

In Economics,Gross Domestic Product(GDP) basically refers to the overall or total market value of all the goods and service produced by a country within its domestic economy,expressed in monetary or financial terms.

Explanation:

• GDP measures the overall or total market value of all the goods and services produced by any country within its domestic geographical boundaries in a particular period of time,usually one year.It is also alternatively denoted as National Income of any country or nation,considering the overall or total income generated from the production of all the goods and services within the domestic economy of the country.
• There are several ways of GDP calculation of any country such as Income Method,Expenditure Method and Production Method and each of them having their distinct advantages and limitations.
• GDP basically provides an overview of the economic performance of any country or nation and is an indicator of its economic growth.