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How do we calculate the value of goods and services and add them up to arrive at GDP? Explain with the help of numerical example given in page.22 of your text book. |
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Answer» tion:Gross Domestic Product (GDP) is the monetary value, in local CURRENCY, of all final economic goods and services produced in a COUNTRY during a specific period of TIME. It is the broadest financial measurement of a nation’s TOTAL economic activity. The total goods and services BOUGHT by consumers encompass all private expenditures, government spending, investments, and net exports. Below are three different approaches to the GDP formula. |
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