UrbanPro

Take Class 10 Tuition from the Best Tutors

  • Affordable fees
  • 1-1 or Group class
  • Flexible Timings
  • Verified Tutors

What is Gross Domestic Product (GDP)?

Asked by Last Modified  

Follow 3
Answer

Please enter your answer

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 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

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

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 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
Like 
 Comments
read less
Comments

View 1 more Answers

Related Questions

What are Special Economic Zones? Why have they been set up?
SEZs are special economic zones where world class facilities like water, electricity, roads and transport, recreation, education are available. They have been set up to promote foreign companies to invest...
Neha
0 0
7
Explain any four characteristics of Kandla sea port.
Kandla in Kuchchh was the first port developed soon after independence.The characteristics of Kandla sea port are(i) Kandla in Kuchchh was the first port developed soon after independence.(ii) It was developed...
Tarun
0 0
6
Describe any two merits of railways and any two problems being faced by the railways.
Merits of railways are: (i) They make it possible to conduct multifarious activities like business, sightseeing, pilgrimage along with transportation of goods over longer distances. (ii) They bind the...
Arvind
0 0
5
Who wrote "Vande Mataram"? When?
Bankimchandra chattopadhyay
Sainath
Which state is the longest producer of manganese in India?
Odisha is the largest producer producer of manganese in india.
Shiv
0 0
9

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

Ask a Question

Related Lessons


GLOBAL WARMING - global warming has become one of the most important issue that the world is facing today.
GLOBAL WARMING Global warming refers to the increase in average temperature of the earth's surface during the last century due to human activities, primarily fossil fuel burning which...


Competing interests do not always reflect clear class divide. Exemplify.
Operate interest on the India social scene and clamour for control of the state resources. Empowerment of the poor and the marginalized, poverty alleviation and ending of the caste. The issue of...

Recommended Articles

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 >

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 >

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 >

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 >

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
X

Looking for Class 10 Tuition Classes?

The best tutors for Class 10 Tuition Classes are on UrbanPro

  • Select the best Tutor
  • Book & Attend a Free Demo
  • Pay and start Learning

Take Class 10 Tuition with the Best Tutors

The best Tutors for Class 10 Tuition Classes are on UrbanPro

This website uses cookies

We use cookies to improve user experience. Choose what cookies you allow us to use. You can read more about our Cookie Policy in our Privacy Policy

Accept All
Decline All

UrbanPro.com is India's largest network of most trusted tutors and institutes. Over 55 lakh students rely on UrbanPro.com, to fulfill their learning requirements across 1,000+ categories. Using UrbanPro.com, parents, and students can compare multiple Tutors and Institutes and choose the one that best suits their requirements. More than 7.5 lakh verified Tutors and Institutes are helping millions of students every day and growing their tutoring business on UrbanPro.com. Whether you are looking for a tutor to learn mathematics, a German language trainer to brush up your German language skills or an institute to upgrade your IT skills, we have got the best selection of Tutors and Training Institutes for you. Read more