GDP FULL FORM

GDP full form

The Full form of the GDP is Gross Domestic Product. It is the cost of all final goods and services produced within a rustic during a selected length it is referred to as Gross Domestic Product. Suppose there are two households - one is a rich circle of relatives whereas the other is a poor own family, We can make such judgments as "rich" or "poor" based on the dress people in the family wear, motors they use to travel, meals that they eat, residence they live in, furniture and other device they have, hospitals they go for treatment, etc. Alternately, income that these families earn is an essential usual indicator. For the use of an as a whole, we use the total value of products and services produced within the country as the indicator of profits for the country. The technical time period to denote this price as Gross Domestic Product (GDP).
 Notice that we said GDP is the market value of all finished goods and services. A finished good or service is one that will not be sold again as part of some other good. When a bakery buys flour, eggs, and butter, we don't count these sales in GDP because these goods aren't finished. They are intermediate goods that, when combined, will become a finished good -- a cake, for example. But, if a consumer buys an egg to make an omelet, the egg is a finished good because it won't be sold again as part of some other good. In other words, our GDP supermarket is like a real supermarket. At the GDP register, we ring up the eggs sold to consumers, and the cakes, but we don't ring up the eggs the baker used to make the cake. There are also goods that are used to make other goods but are still considered finished goods. These are called capital goods. If Caterpillar produces a tractor and sells it to a farm, the tractor is considered a finished good. The tractor is finished and its value is added to the GDP. Although the tractor is used to make other goods, it won't be sold again as part of another good, so the tractor is still a finished good.
The indicator to calculate GDP is  private consumption + gross investment + government spending + (exports – imports).


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