Indian Economy
Gross domestic product
Total market value of goods and services produced within a country
Overview
Gross domestic product (GDP) is a monetary measure of the total market value of all of the final goods and services which are produced and rendered during a specific period of time by a country or countries. GDP is often used to measure the economic activity of a country or region. The major components of GDP are consumption, government spending, net exports, and investment. Changing any of these factors can increase the size of the economy. For example, population growth through mass immigration can raise consumption and demand for public services, thereby contributing to GDP growth. However, GDP is not a measure of overall standard of living or well-being, as it does not account for how income is distributed among the population. A country may rank high in GDP but still experience jobless growth depending on its planned economic structure and strategies. Dividing total GDP by the population gives an idealized rough measure of GDP per capita. Several national and international economic organizations, such as the OECD and the International Monetary Fund, maintain their own definitions of GDP.
Source: Wikipedia — Gross domestic product (CC BY-SA)
Key concepts
How Gross domestic product connects to the ideas, people and events around it.
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context.
A country is a political entity or its territory in the world. They function as sovereign states, unrecognized states, constituent countries, or dependent territories. A country may consist of multiple nations, a structure known as a multinational state.
The Organisation for Economic Co-operation and Development is an intergovernmental organisation with 38 member countries. It was founded in 1961 to stimulate economic progress and world trade.
The International Monetary Fund (IMF) is an international financial institution and a specialized agency of the United Nations, headquartered in Washington, D.C.
In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of the euro.
In economics, inflation is an increase in the average price of goods and services in terms of money, though it originally referred to the increase of the money supply that can cause such a universal shift.
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Questions about Gross domestic product
What is Gross domestic product?
Gross domestic product (GDP) is a monetary measure of the total market value of all of the final goods and services which are produced and rendered during a specific period of time by a country or countries. GDP is often used to measure the economic activity of a country or region. The major components of GDP are consumption, government spending, net exports, and investment.
What are the key concepts related to Gross domestic product?
The main concepts connected to Gross domestic product include Money, Country, OECD, International Monetary Fund, Exchange rate, Inflation. Each is linked on the map above with its own summary.
Which exams cover Gross domestic product?
Gross domestic product is part of Indian Economy, which appears in the syllabus of UPSC CSE, UPSC CAPF, NDA, CDS, AFCAT, SSC CGL and 58 more exams.