ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -GDP stands for “Gross Domestic Product” and represents the total monetary value of all final goods and services produced (and sold on the market) within a country during a period of time (typically 1 year). GDP is the most commonly used measure of economic activity.

Detailed explanation-2: -GDP measures the monetary value of final goods and services-that is, those that are bought by the final user-produced in a country in a given period of time (say a quarter or a year). It counts all of the output generated within the borders of a country.

Detailed explanation-3: -Gross domestic product (GDP) represents the total monetary value of the final goods and services produced within the domestic territory of a country in a financial year.

Detailed explanation-4: -GDP is the sum total of the goods and services produced within a country, used to compare countries’ economic performance. GDP can be measured by calculating consumption and investment, the value of final goods, or total income.

Detailed explanation-5: -Gross domestic product or GDP is a measure of the size and health of a country’s economy over a period of time (usually one quarter or one year). It is also used to compare the size of different economies at a different point in time.