What is the GDP full form in economics? bigest economy in the world

What is the GDP full form in economics? And GDP full form in English & Hindi


GDP full form in economics

G.D.P
Gross Domestic Product


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1. What is GDP full meaning

GDP stands for Gross Domestic Product and it is also known as GDP? Gross Domestic Product is the market value of all finished goods and services produced within a country in a year.

GDP stands for Gross Domestic Product and it is also known as GDP? Gross Domestic Product is the market value of all finished goods and services Produced within a country in a year.


Think about the economy like a giant supermarket filled with millions of goods, like cars, bick, electronic gadgets and services, like dog walking and massages. Every time a finished good or service is sold, we ring up the price. At the end of the year, we ring up the total -- that's the GDP.
Let's look more closely at some of the details. 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 Car and sells it to a farm, the Car is considered a finished good. The Car is finished and its value is added to the GDP. Although the Car is used to make other goods, it won't be sold again as part of another good, so the Car is still a finished good. The GDP is the market value of all finished goods and services produced within a country in a year. GDP only counts production. If an old house is sold this year, that doesn't add to GDP since the house wasn't produced this year. Only the sale of new houses add to GDP. GDP also only counts goods and services produced within a country. If you buy a bottle of wine imported from France, that adds to France's GDP, not to U.S. GDP. On the other hand, a computer produced in the United States and exported to France adds to the U.S. GDP. Let's go back to the definition one more time, to see some of the limits of GDP as a measure of economic production. GDP is the market value of all finished goods and services produced within a country in a year. 

2. How to calculate (Formula of GDP)

GDP = COE + GOS + GMI + TP & M ? SP & M 

on the other hand

GDP = private consumption + gross investment + government spending + (exports and imports)


3. The largest economy in the world

  • United States 21,439,453
  • European Union 18,705,132
  • China 14,140,163
  • Japan 5,154,475
  • Germany 3,863,344
  • India 2,935,570
  • United Kingdom 2,743,586
  • France 2,707,074
  • Italy 1,988,636
  • Brazil 1,847,020
  • Canada 1,730,914
  • See More
4. What did you learn today
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