SSC MTS EXAM

Detailed explanation-1: -One of the most common is GDP, which stands for gross domestic product. It is often cited in newspapers, on the television news, and in reports by governments, central banks, and the business community. It has become widely used as a reference point for the health of national and global economies.

Detailed explanation-2: -GDP can be measured in three different ways: the value added approach, the income approach (how much is earned as income on resources used to make stuff), and the expenditures approach (how much is spent on stuff).

Detailed explanation-3: -We know that in an economy, GDP is the monetary value of all final goods and services produced. For example, let’s say Country B only produces bananas and backrubs. Figure %: Goods and Services Produced in Country B In year 1 they produce 5 bananas that are worth $1 each and 5 backrubs that are worth $6 each.