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What is Full Form GDP? GDP Stand For?
The GDP is short for Gross Domestic Product. Gross Domestic Product is an overall grade on the economic report or summary card of a country or region.
Gross Domestic Product is the market value of all finished goods and services produced within a country in a year. Every time a finished good or service is sold, we get the price. At the end of the year, we ring up the total and that's the GDP.
Definition of GDP is the market value of all completed or finished goods and services. If a good isn't sold or bought in a market, then it's not measured in GDP. But a finished good or service is one that will not be sold again as part of some other good. When a cake maker buys flour and butter, we don't count these sales in GDP because these goods aren't yet completed. They are secondary goods that, when combined, will become a completed or a finished good as a cake, for suppose. But, if a consumer buys the milk to make a tea, the milk is a finished good because it won't be sold again as part of some other good.
The GDP is the market value of all finished goods and services produced within geography of a country in a year. GDP only counts production. GDP also only counts goods and services produced within geography of a country. If you buy a wrist Watch imported from United States that adds to United States GDP not to Pakistan GDP. On the other hand, a computer produced in the Pakistan and exported to United States adds to the Pakistan GDP.
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