Gross Domestic Product (GDP) is the market value of all officially recognised final goods and services produced within a country in a given period of time. GDP per capita is often considered an indicator of a country's standard of living. It is the measure of a country's economic performance. It is defined as the market value of the output of final goods and services produced in the domestic territory of a country during an accounting year.
GDP is the total money value of all final goods and services produced with in the geographical boundary of the country during a financial year.
There are three different ways to measure GDP -
1. Product Method,
2, Income Method and
3. Expenditure Method.
In a financial year, the total value of finally produced goods and services within the domestic limits of any country is called ____________ | |||
Right Option : C | |||
View Explanation |
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