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If production of our country increases …

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If production of our country increases it means GDP increases but if no more quantity of that product will buy by the consumer then how can we find real or monetary GDP???

Posted by Sonali Gupta 5 years, 5 months ago

CBSE > Class 12 > Economics

1 answers

Sneha Manchanda 5 years, 5 months ago

See, what is real gdp? The value of goods and services produced within the economy of a country and which can be measured with the help of base year. Right. So it is not needed that consumer will purchase that or not.it is known as increase in production. For example the production in 2014 was ₹2000 and in 2020 it increases to ₹4000 but at the same time the extra ₹2000 GDP which we get in 2020 was because of increased army goods . Real gdp has increased but the army goods are not important for normal consumers but still there is a increment in gdp. Hope u have understood.

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