ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In economic terms, the total market value of all final goods and services produced in a country in a given year is known as Gross Domestic Product (GDP).

Detailed explanation-2: -GDP is the total money value of all final goods and services produced in a country in a year.

Detailed explanation-3: -GDP is the total market value of all final goods and services produced within the given country in a given period of time. It takes into account the market prices for goods. Transfer payments are excluded from GDP.

Detailed explanation-4: -Gross domestic product at market prices aims to measure the wealth created by all private and public agents in a national territory during a given period. The most key aggregate of national accounts, it represents the end result of the production activity of resident producing units.

Detailed explanation-5: -Economic output is the quantity of a product that a company, sector, or economy can produce over a limited period of time. [i] In this report, economic output is considered to be the total value of all goods and services produced in an economy.