Question

What is the term GDP means??? Standard...

Answer 1

Heya....

See here for your answer....

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GDP , stands for Gross domestic product..

Meaning...

It is the sum total of all the goods and services produced during a year within the country...

Factors...

In this all the goods and services lender by households or producers are counted...

Labour...
Land..
Capital..
Ownership...

Types...

GDP has two ways to be estimation...

* Real GDP.. The GDP counted on the basis of past year prices...

Q X P

* Nominal GDP....The GDP counted on the current prices base...

Q X P *

-- Real GDP is the sign of actual growth...
It shows that flow is increasing in economy..

-- Be Brainly...

Answer 2

heya...

Here is your answer..

Gross domestic product is the best way to measure a country's economy. GDP is the total value of everything produced by all the people and companies in the country. It doesn't matter if they are citizens or foreign-owned companies. If they are located within the country's boundaries, the government counts their production as GDP. The only exception is the shadow or black economy.

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