What is GDP : Gross Domestic Product ?

The value of all final goods and services produced within the domestic territory of a country in a given year is called GDP.

Gross Domestic Product can be defined as
The total market value of all final goods and services (in the form of money) produced within the boundary of a country, regardless the nationality of the producers, for a specific period of time e.i., one year.

• GDP measures the value of all final goods and services produced in a country in money.

• Regardless the nationality of the producers, GDP counts the value of all outputs that is produced in the country in a given year.

• GDP is expressed and measured in currency instead of quantity of output.




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