NEET BIOLOGY

Detailed explanation-1: -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-2: -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-3: -Gross domestic product at market prices aims to measure the wealth created by all private and public agents in a national territory during a given period. The most key aggregate of national accounts, it represents the end result of the production activity of resident producing units.

Detailed explanation-4: -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-5: -Gross domestic product (GDP): The total market value, expressed in dollars, of all final goods and services produced in an economy in a given year.