Question

What do you mean by Gross Domestic Product?

Hint:

GDP = The total value of everything produced inside a country. It's the most common scorecard for an economy's size.

Answer 1

Gross Domestic Product (GDP) is the total monetary value of all the finished goods and services produced within a country's borders during a specific period, typically a year or a quarter. It serves as a comprehensive measure of a nation's economic activity and health. GDP can be calculated in three ways: the production approach, the income approach, and the expenditure approach.