ENTREPRENEURSHIP

Detailed explanation-1: -GDP measures the monetary value of final goods and services-that is, those that are bought by the final user-produced in a country in a given period of time (say a quarter or a year). It counts all of the output generated within the borders of a country.

Detailed explanation-2: -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-3: -Since real GDP measures the quantity of goods and services produced, it is common to use GDP per capita, that is real GDP divided by population, as a measure of economic welfare or standard of living in a nation.

Detailed explanation-4: -Gross National Product It is the total market value of all final goods and services produced in a year in a country. The important thing to remember about GNP is that it is measured at market prices/value.

Detailed explanation-5: -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.