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What is GDP? Explain. |
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Answer» GDP is the short form of Gross Domestic Product. GDP is Gross Domestic Product. Gross Domestic Product (GDP):(i)The value of final goods and services produced in each sector during a particular year provides the total production of the sector for that year. And the sum of production in the three sectors gives what is called the Gross Domestic Product (GDP) of a country.(ii)It is the value of all final goods and services produced within a country during a particular year.(iii)GDP shows how big the economy is. |
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