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GDP

GDP

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Answer #1

GDP stands for gross domestic product that refers to the sum of the market value of all goods and services produced by the economy in a particular financial year or time period. It can be calculated as nominal GDP or real GDP. Nominal GDP is calculated on current market prices, but real GDP is calculated on the basis of base year prices.

There are different components of the GDP as follows:

1. Consumption

2. Investments

3. Government spending

4. Export

5. Import

The above components are used to calculate the GDP using the expenditure method.

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