GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Value of all final goods and services produced within the national territory of the country over one year period
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Value of all final goods and services produced within the domestic territory of the country over one year period
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Value of all final goods and services produced within the domestic territory of the country over ten year period
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Value of all intermediate goods and services produced within the domestic territory of the country over one year period
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Detailed explanation-1: -What Is Gross Domestic Product (GDP)? 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.
Detailed explanation-2: -Final goods means the final product which is produced by the primary or secondary sector which is need not to the cost of primary or secondary goods further. If the cost of primary or secondary goods is added further then the GDP of the country will not be calculated properly.
Detailed explanation-3: -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).