SSC MTS EXAM

Detailed explanation-1: -Economists use many different methods to measure how fast the economy is growing. The most common way to measure the economy is real gross domestic product, or real GDP. GDP is the total value of everything-goods and services-produced in our economy.

Detailed explanation-2: -GDP measures the total market value (gross) of all U.S. (domestic) goods and services produced (product) in a given year. When compared with prior periods, GDP tells us whether the economy is expanding by producing more goods and services or contracting due to less output.

Detailed explanation-3: -India’s GDP is calculated with two different methods, one based on economic activity (at factor cost), and the second on expenditure (at market prices). The factor cost method assesses the performance of eight different industries.