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What is GDP ? Where it is used? |
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Answer» Those final goods and services which are produced within a domestic country during a financial year is called GDP.Financial Year: the year in which people earn money is called financial year. GDP is also known as Gross Domestic Product. It is the total sum of the value of final good produce in a year Gross Domestic Product (GDP) is the total sum of the value of the final goods and services of the Primary, Secondary and Tertiary sectors of the economy of a country produced during a year.The counting of the various goods and services for calculating GDP can he understood by the following exampleWheat and Hour are intermediate goods used for making final products like bread and biscuits. Intermediate products should not be counted in the figure of GDP. Biscuits and breads are the final products prepared using flour and other ingredients like sugar, salt, oil etc. |
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