ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a given country’s economic health.

Detailed explanation-2: -Economists use many abbreviations. One of the most common is GDP, which stands for gross domestic product.

Detailed explanation-3: -GDP is the total money value of all final goods and services produced in a country in a year.

Detailed explanation-4: -Gross domestic product (GDP) is the value of the finished domestic goods and services produced within a nation’s borders. On the other hand, gross national product (GNP) is the value of all finished goods and services owned by a country’s citizens, whether or not those goods are produced in that country.

Detailed explanation-5: -What is Gross Domestic Product? A comprehensive measure of U.S. economic activity. GDP measures the value of the final goods and services produced in the United States (without double counting the intermediate goods and services used up to produce them).