WORLD HISTORY

Detailed explanation-1: -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. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a given country’s economic health.

Detailed explanation-2: -Gross domestic product (GDP) is the total value of all final goods and services produced within the geographical borders of a country in a particular period.

Detailed explanation-3: -If, for example, Country B produced in one year 5 bananas each worth $1 and 5 backrubs each worth $6, then the GDP would be $35. If in the next year the price of bananas jumps to $2 and the quantities produced remain the same, then the GDP of Country B would be $40.

Detailed explanation-4: -Gross domestic product (GDP) per capita is an economic metric that breaks down a country’s economic output per person. Economists use GDP per capita to determine how prosperous countries are based on their economic growth GDP per capita is calculated by dividing the GDP of a nation by its population.

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.