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What is GDP (full details )

GDP full name is = GROSS DOMESTIC PRODUCT 

GDP in simple term definition =
GDP is fully depend on product is the total monetary or market value of all the finished good and service produced within a country's bonders in a specific time period .
                                                                                                                     it is the monetary value of all final goods and service produced in a country in a year.

                                                                      GDP CALCULATE FORMULA 

GDP =C+I+G+NX

C=consumption
I=investment
G=government expenditure
NX=net export

There are many types of GDP :-

(i) nominal GDP
(ii) real GDP

(i) current market prices is called nominal GDP.

(ii) Real GDP :-real gdp is an inflation adjusted measure that reflects both the quantity of goods and service produced by an economy in a given year.

GDP growth rate :-
                                 The GDP growth rate compares on quarter of a countrys GDP to the previous quarter in order to measure how fast an economy is growing.

  • GDP PER CAPITA INCOME MEASURMENT :-  total gdp dived to total person in country or state or family  " GDP per capita income is a measurment of the gdp per person in a counrtys population .
                              it is a useful way to campare gdp data between various countres.



Nominal GDP vs real GDP :- GDP can expressed in two different ways nominal gdp and real GDP .
                                                  Nominal GDP takes current market prices into account without factoring in inflation or deflation.
                                        Nominal GDP looks at the natural movement of prices and tracks the gradual increase an economy's value over time.
GDP IMAGE

NDP (NET DOMESTIC PRODUCT )  :-is an annual measure of the economic output of a nation that is adjusted to account for depreciation and is calculated by subtracting depreciation from the gross domestic product (GDP).

GNP(Gross National product ):- in a year in country produced service and product by national is called GNP .

GNP=C+I+G+(X-M)+NFIA

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