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Q.

GDP is the total value of ____ produced during a particular year.


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Detailed Solution

GDP (Gross Domestic Product) is the sum of the value of all the goods and services produced within an accounting year. It is the combined value of all the products in the three sectors, i.e., primary, secondary, and tertiary. The central government estimates it based on the whole country's production. It defines the overall growth of a country's economic health in terms of production. It can be used to adjust inflation in the country and calculated with income and expenditures. It is used to substantially estimate the size of an economy and the rate of growth.
 
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