What is Gross Domestic Product (GDP)?

Asked by Last Modified  

3 Answers

+1 Class IX-X Tuition

Follow 3
Answer

Please enter your answer

Sujoy Das

JU-IITKGP & 10+ years experienced for boards, JEE,NEET,OLYMPIAD & 5-12

Gross Domestic Product (GDP) is the total sum of the value of the final goods and services of the Primary, Secondary and Tertiary sectors of the economy of a country produced during a year. The counting of the various goods and services for calculating GDP can he understood by the following example Wheat...
read more
Gross Domestic Product (GDP) is the total sum of the value of the final goods and services of the Primary, Secondary and Tertiary sectors of the economy of a country produced during a year. The counting of the various goods and services for calculating GDP can he understood by the following example Wheat and Hour are intermediate goods used for making final products like bread and biscuits. Intermediate products should not be counted in the figure of GDP. Biscuits and breads are the final products prepared using flour and other ingredients like sugar, salt, oil etc. Only the final products are reaching the actual consumer. The value of the intermediate products is already counted in the final products and if this is again counted, it will lead to double counting, causing an error in the estimation of GDP. read less
Comments
Dislike Bookmark

atics pecialise in mba / economics students of all levels

GDP of a country means the total money value of all goods & services produced in a year only..GDP stand for Gross Domestic Product.. and 2) It can be calculated as in 3 ways: 1)output method ii) income method 3) expenditure methods ..3) A high GDP means the economy is growing double digit day 10%...
read more
GDP of a country means the total money value of all goods & services produced in a year only..GDP stand for Gross Domestic Product.. and 2) It can be calculated as in 3 ways: 1)output method ii) income method 3) expenditure methods ..3) A high GDP means the economy is growing double digit day 10% to 14 % forUPA -I & much lower at 9% during ng India in 2017 due to hastened Demonetisation measure depressed to 6.5% m.. now hovering at 7.1% in 2018.. Dr KS Velmurugan Pondicherry read less
Comments
Dislike Bookmark

Tutor

Gross Domestic Product (GDP) is the total sum of the value of the final goods and services of the Primary, Secondary and Tertiary sectors of the economy of a country produced during a year.The counting of the various goods and services for calculating GDP can he understood by the following exampleWheat...
read more
Gross Domestic Product (GDP) is the total sum of the value of the final goods and services of the Primary, Secondary and Tertiary sectors of the economy of a country produced during a year.The counting of the various goods and services for calculating GDP can he understood by the following exampleWheat and Hour are intermediate goods used for making final products like bread and biscuits. Intermediate products should not be counted in the figure of GDP. Biscuits and breads are the final products prepared using flour and other ingredients like sugar, salt, oil etc.Only the final products are reaching the actual consumer. The value of the intermediate products is already counted in the final products and if this is again counted, it will lead to double counting, causing an error in the estimation of GDP. read less Like Comments read less
Comments
Dislike Bookmark

View 1 more Answers

Related Questions

Why do people generally move from one country to another? Why
People move from one country to another because of better opportunities and higher standard of living and better facilities too.
Selvi
0 0
View Comments7
What is Balance of Trade? In which situations is it favourable and unfavourable?
Difference between imports and exports is called the balance of trade. The trade is called favourable if exports exceed imports. The trade is unfavorable if imports exceed exports.
Suresh
0 0
View Comments7
What is sustainable economic development?
Sustainable economic growth is economic development that attempts to satisfy the needs of humans but in a manner that sustains natural resources and the environment for future generations.
Hemanth
0 0
View Comments5
I am a qualified teacher, who has excelled in Geography till 10th. What can be the prospect of teaching online friends?
You may register yourself as a teacher on UrbanPro. Then you will get enquires directly from the students after taking membership.
Devasree
0 0
View Comments6
"Transport routes are called the basic arteries of our economy." Support this statement with relevant examples.
Transport routes are called basic arteries of our economy because of the following reasons: (i) Dense network of transport is a pre-requisite for the economic development of a region or a country. (ii)...
Abinaya

Now ask question in any of the 1000+ Categories, and get Answers from Tutors and Trainers on UrbanPro.com

Ask a Question

Related Lessons

1857 Revolt/Sepoy Mutiny/1st war of Indian Independence.
VD Savarkar called 1857 revolt as 1st War of Indian Independence. Reasons for 1857 Revolt: 1. Cartridges given to British Indian army were greased with cow and pig fat, which hurt Indian's religious...

Manohar A

1 0
View Comments0
Do you think that globalisation is a threat to many indigenous crafts and literary traditions and knowledge systems? Give reasons.
Threat to indigenous craft and literary traditions- Modern development even prior to the stage of globalization made inroads into the traditional cultural forms and occupations based on them. Traditional...

Sujoy Das

0 0
View Comments0
Why equatorial region is the hottest part of the Earth

Jaikumar

0 0
View Comments0
Revolt of 1857
https://vz-3ad30922-ba4.b-cdn.net/d27fc77a-e5bd-44f6-89a9-679391aef35f/play_480p.mp4

Shivam Verma V.

0 0
View Comments0
Discuss the impact of globalisation on culture.
Impact of Globalization on culture- Globalisation of culture refers to mixing of the global with the local. Foreign firms use this globalization to deal with local traditions to enhance their marketability....

Sujoy Das

0 0
View Comments0

Recommended Articles

Quest Academy - Institute of the month

Quest Academy is a professional Bangalore based NEET and JEE (Main + Advanced) training institute. The academy was incorporated in 2015 to cater to the needs of students, who aim to crack competitive exams by connecting with the best brains around. The institute helps students enhance their skills and capabilities through...

Read full article >

Meet Raghunandan.G.H, a B. Tech Tutor from...

Raghunandan is a passionate teacher with a decade of teaching experience. Being a skilled trainer with extensive knowledge, he provides high-quality BTech, Class 10 and Class 12 tuition classes. His methods of teaching with real-time examples makes difficult topics simple to understand. He explains every concept in-detail...

Read full article >

Meet Mohammad Wazid, a skilled trainer for...

Mohammad Wazid is a certified professional tutor for class 11 students. He has 6 years of teaching experience which he couples with an energetic attitude and a vision of making any subject easy for the students. Over the years he has developed skills with a capability of understanding the requirements of the students. This...

Read full article >

Meet Sandhya R, a B.Sc tutor from Bangalore

Sandhya is a proactive educationalist. She conducts classes for CBSE, PUC, ICSE, I.B. and IGCSE. Having a 6-year experience in teaching, she connects with her students and provides tutoring as per their understanding. She mentors her students personally and strives them to achieve their goals with ease. Being an enthusiastic...

Read full article >

Find Class 10 Tuition near you
Class 10 Tuition in Delhi
Class 10 Tuition in Bangalore
Class 10 Tuition in Hyderabad
Class 10 Tuition in Kolkata
Class 10 Tuition in Mumbai
Class 10 Tuition in Chennai
Class 10 Tuition in Pune
Class 10 Tuition in Lucknow
Class 10 Tuition in Noida
Class 10 Tuition in Jaipur
Online Tuition Class 10

Looking for Class 10 Tuition ?

Learn from the Best Tutors on UrbanPro

Are you a Tutor or Training Institute?

Join UrbanPro Today to find students near you