Explain the term GDP. Why are …

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Explain the term GDP. Why are only 'final goods and services' included in GDP?

Posted by Pranav Chaudhary 5 years ago

CBSE > Class 10 > Social Science

3 answers

Pranav Chaudhary 5 years ago

Thank you so much

1Thank You

Shravan Patil 5 years ago

GDP refers to Gross Domestic Product. It is the value of all final goods and services within a country during a particular year.

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Gaurav Seth 5 years ago

G.D.P. is the sum of the money value of final goods and services produced in each sector during a particular year within domestic territory of a country.

Only final goods and services are counted in G.D.P. because:

(i) The value of final goods already includes the value of all intermediate goods.

(ii) To count the value of the flour and wheat separately is therefore not correct because then we would be counting the value of the same things a number of times.

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