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Define GDP
- a)Factor value of all the final goods and services produced within a domestic territory
- b)Factor value of all the final goods and services produced within a domestic territory
- c)Market value of all the final goods and services produced within a domestic territory
- d)Market value of all the final goods and services produced by the residents
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Define GDPa)Factor value of all the final goods and services produced ...
GDP or Gross Domestic Product is a measure of the market value of all the final goods and services produced within a domestic territory. In simpler terms, it is the total value of all the goods and services produced by a country in a given period, usually a year.
Factors that contribute to GDP
There are several factors that contribute to the GDP of a country, including:
1. Consumption: The amount spent by households on goods and services.
2. Investment: The amount spent by businesses on capital goods like machinery, equipment, and buildings.
3. Government Spending: The amount spent by the government on goods and services like infrastructure, defense, and social welfare programs.
4. Net Exports: The value of exports minus the value of imports.
Importance of GDP
GDP is an important indicator of a country's economic health and growth. It helps policymakers make informed decisions about fiscal and monetary policies that can impact the economy. It also helps businesses make decisions about investments, hiring, and expansion.
Limitations of GDP
While GDP is a useful measure of a country's economic performance, it has some limitations. For example, it does not take into account non-market activities like unpaid work done by homemakers or the value of natural resources. It also does not reflect income inequality or the distribution of wealth within a country.
Conclusion
In conclusion, GDP is an important measure of a country's economic performance and growth. It provides valuable insights into the overall health of the economy and helps policymakers and businesses make informed decisions. However, it is important to recognize its limitations and use it in conjunction with other indicators to get a more complete picture of a country's economic situation.
Factors that contribute to GDP
There are several factors that contribute to the GDP of a country, including:
1. Consumption: The amount spent by households on goods and services.
2. Investment: The amount spent by businesses on capital goods like machinery, equipment, and buildings.
3. Government Spending: The amount spent by the government on goods and services like infrastructure, defense, and social welfare programs.
4. Net Exports: The value of exports minus the value of imports.
Importance of GDP
GDP is an important indicator of a country's economic health and growth. It helps policymakers make informed decisions about fiscal and monetary policies that can impact the economy. It also helps businesses make decisions about investments, hiring, and expansion.
Limitations of GDP
While GDP is a useful measure of a country's economic performance, it has some limitations. For example, it does not take into account non-market activities like unpaid work done by homemakers or the value of natural resources. It also does not reflect income inequality or the distribution of wealth within a country.
Conclusion
In conclusion, GDP is an important measure of a country's economic performance and growth. It provides valuable insights into the overall health of the economy and helps policymakers and businesses make informed decisions. However, it is important to recognize its limitations and use it in conjunction with other indicators to get a more complete picture of a country's economic situation.
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Define GDPa)Factor value of all the final goods and services produced ...
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Define GDPa)Factor value of all the final goods and services produced within a domestic territoryb)Factor value of all the final goods and services produced within a domestic territoryc)Market value of all the final goods and services produced within a domestic territoryd)Market value of all the final goods and services produced by the residentsCorrect answer is option 'C'. Can you explain this answer?
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Define GDPa)Factor value of all the final goods and services produced within a domestic territoryb)Factor value of all the final goods and services produced within a domestic territoryc)Market value of all the final goods and services produced within a domestic territoryd)Market value of all the final goods and services produced by the residentsCorrect answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Define GDPa)Factor value of all the final goods and services produced within a domestic territoryb)Factor value of all the final goods and services produced within a domestic territoryc)Market value of all the final goods and services produced within a domestic territoryd)Market value of all the final goods and services produced by the residentsCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Define GDPa)Factor value of all the final goods and services produced within a domestic territoryb)Factor value of all the final goods and services produced within a domestic territoryc)Market value of all the final goods and services produced within a domestic territoryd)Market value of all the final goods and services produced by the residentsCorrect answer is option 'C'. Can you explain this answer?.
Define GDPa)Factor value of all the final goods and services produced within a domestic territoryb)Factor value of all the final goods and services produced within a domestic territoryc)Market value of all the final goods and services produced within a domestic territoryd)Market value of all the final goods and services produced by the residentsCorrect answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Define GDPa)Factor value of all the final goods and services produced within a domestic territoryb)Factor value of all the final goods and services produced within a domestic territoryc)Market value of all the final goods and services produced within a domestic territoryd)Market value of all the final goods and services produced by the residentsCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Define GDPa)Factor value of all the final goods and services produced within a domestic territoryb)Factor value of all the final goods and services produced within a domestic territoryc)Market value of all the final goods and services produced within a domestic territoryd)Market value of all the final goods and services produced by the residentsCorrect answer is option 'C'. Can you explain this answer?.
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Define GDPa)Factor value of all the final goods and services produced within a domestic territoryb)Factor value of all the final goods and services produced within a domestic territoryc)Market value of all the final goods and services produced within a domestic territoryd)Market value of all the final goods and services produced by the residentsCorrect answer is option 'C'. Can you explain this answer?, a detailed solution for Define GDPa)Factor value of all the final goods and services produced within a domestic territoryb)Factor value of all the final goods and services produced within a domestic territoryc)Market value of all the final goods and services produced within a domestic territoryd)Market value of all the final goods and services produced by the residentsCorrect answer is option 'C'. Can you explain this answer? has been provided alongside types of Define GDPa)Factor value of all the final goods and services produced within a domestic territoryb)Factor value of all the final goods and services produced within a domestic territoryc)Market value of all the final goods and services produced within a domestic territoryd)Market value of all the final goods and services produced by the residentsCorrect answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
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