Question 41 of 44
Q.What do you mean by Gross Domestic Product ?
ChseodishaCHSE Odisha Plus Two (Class 12) Commerce Board 2023Subjective· 2mImportance★★★★★est
93% · 41/44 Questions
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Start your 14-day free trial to unlock the full solution →GDP is the total money value of all final goods and services produced within a country's domestic territory in a year, before deducting depreciation.
Gross Domestic Product (GDP) is the total money (market) value of all final goods and services produced within the domestic (geographical) territory of a country during a given year, whether produced by residents or non-residents operating within the country. Key points in the definition:
- Only final goods and services are counted (intermediate goods are excluded to avoid double counting).
- It is measured over a specific period, usually one year.
- It is based on the domestic territory criterion — output produced within the country's borders, regardless of who owns the factors.
- It is gross, i.e. measured before deducting depreciation (consumption of fixed capital). …
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