ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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capital goods
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human capital
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natural resources
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entrepreneurship
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Detailed explanation-1: -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-2: -If we talk about a simple approach, it is equal to the total of private consumption, gross investment, and government spending plus the value of exports, minus imports i.e. the formula to calculate GDP = private consumption + gross investment + government spending + (exports – imports).
Detailed explanation-3: -The Gross Domestic Product (GDP) is the total market value of all finished goods and services made within a country for a specific period of time. GDP is used to estimate the size of the economy and the growth rate. The GDP can be calculated in three different ways, such as Expenditures, Production and Incomes.
Detailed explanation-4: -What is the full form of GDP? 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.