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Answer» Gross Domestic Product (GDP):
The market value of total goods and services produced within the boundary of a country by its citizens as well as foreigners is called gross domestic product (GDP). Important points: - In gross domestic product, the final products or goods produced within • the country’s limit/boundary by natives and foreign citizens or by nature such as (crude oil) are considered.
- The concept of gross domestic product is related to the boundary of a country. This means production done by citizens of a country residing in a foreign country or the incomes generated by citizens of a country from foreign countries is not considered.
- The figures of GDP are used to compare economies of different countries and hence study their progress.
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