ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -GDP is the total money value of all final goods and services produced in a country in a year.

Detailed explanation-2: -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-3: -Market price of the final goods and services including depreciation produced within the domestic territory of a country during an accounting year is called GDP at market price.

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: -The gross domestic product is the broad quantitative measure of economic activity. It is the measure of the market value of all final goods and services produced in a year inside the boundary of a country.