ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period. As such, it also measures the income earned from that production, or the total amount spent on final goods and services (less imports).

Detailed explanation-2: -Gross Domestic Product or GDP is referred to as the total monetary value of all the final goods and services produced within the geographic boundaries of a country, during a given period (usually a year).

Detailed explanation-3: -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-4: -GDP is measured by taking the quantities of all goods and services produced, multiplying them by their prices, and summing the total. GDP can be measured either by the sum of what is purchased in the economy or by what is produced. Demand can be divided into consumption, investment, government, exports, and imports.

Detailed explanation-5: -The full form of GDP is Gross Domestic Product. GDP is the overall monetary or consumer value of all finished goods and services produced within the boundaries of a nation over a given time. It serves as a specific measure of overall domestic output, as a detailed scorecard of the economic health of a given country.