[[1]]refers to the total value of production of the final goods produced in an economy.

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Detailed Solution

Gross Domestic Product refers to the total value of production of the final goods produced in an economy.
GDP, or Gross Domestic Product, refers to the final value of goods and services produced in a country over time. While calculating GDP, the value of intermediate goods is not considered to avoid double counting. In addition, certain services like household work, gardening, and transfer payments are not taken while calculating GDP. The Trade and Commerce Ministry calculates GDP in India. It is calculated using data from all government departments, industries, and state governments. GDP is calculated by adding private consumption, gross investment, government investment, and net exports obtained by subtracting imports from exports using the expenditure approach.

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