ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -One of the most common is GDP, which stands for gross domestic product. It is often cited in newspapers, on the television news, and in reports by governments, central banks, and the business community. It has become widely used as a reference point for the health of national and global economies.

Detailed explanation-2: -Economists use many abbreviations. One of the most common is GDP, which stands for gross domestic product. It is often cited in newspapers, on the television news, and in reports by governments, central banks, and the business community.

Detailed explanation-3: -Gross Domestic Product (GDP) of a country is the sum of all the final goods and services produced in all the three sectors in a particular year. It shows the total production in a country. It shows how big the economy of a country is, in a given year, in terms of its total output.

Detailed explanation-4: -The correct answer is Gross Domestic Product. Key Points. GDP stands for Gross Domestic Product. GDP is all the final goods and services produced in one financial year in our national boundary. The Central Statistics Office (CSO) calculates India’s GDP.

Detailed explanation-5: -GDP = private consumption + gross private investment + government investment + government spending + (exports – imports). or, expressed in a formula: GDP = C + I + G + (X – M) GDP is usually calculated by the national statistical agency of the country following the international standard.