Saved Bookmarks
| 1. |
Define GDP .How it is calculated |
|
Answer» Gdp is gross domastic product Hey..bro.. The sum of all final goods and services produced in all 3 sector during a particular year is called Gross Domestic product. It is calculated by using the formula - GDP = C+I+G+(X-M) where C is consumer spending, I is business investment, G is government spending, X is exports and M is imports. GDP is the sum of money value of final goods and services produced in each sector duringvq particular year within domestic territory of a country. The sum of production in 3 sectors gives us the GDP. The money valies of goods and services should be added rather than adding up the actual numbers. The value of final goods alone should be added as the value of intermediate goods is already included in the value of final goods. This mammoth task is undertaken by Central government ministry. GDP stands for gross domestic product.It is the total sum of the value of final product and services of the primary sector, secondary sector and the tertiary sector. |
|