GROSS DOMESTIC PRODUCT ( GDP)

GDP means gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced with in a specific time period . As a broad measure of overall domestic production . It functions as a comprehensive scorecard of the country's economic health .

GDP can be calculated in three ways , using expenditure , production and incomes . It can be adjusted for inflation and population to provide deeper insight . Through it has limitations , GDP is a key tool to guide policymakers , investors and business is strategic decision making .

GDP provides an economic snapshot of a country, used to estimate the size of an economy and growth rate. 

NORMAL GDP:-  is the measurement of the raw data.

REAL GDP:-  Real GDP takes into account the impact of inflation and allows comparison of economics output from one year to the next year and other comparisons over period of time.

GDP GROWTH RATE:- GDP growth rate is the increase in GDP from quarter to quarter.

GDP PER CAPITA:- GDP per capita measures GDP per person in the national populace. It is a useful way to compare GDP data between various countries.

The balance of trade is one of the key components of countries' ( GDP ) formula. 

The bureau of economic analysis (BEA) calculates the U.S GDP, using data as certain through surveys of the retailer , manufacturer, builder's and by looking at trade flows, the housing market index is one indicator it uses. 

CRITICISMS OF GDP:-

There are, of course, the drawback to using GDP as an indicator in addition to the lack of timeliness, some criticism of GDP as a measure is

1) It does not account for several unofficial income sources.

2) It is geographically limited in a globally open economy.

3) It ignores business to business activity.

4) It emphasizes material output without considering overall well being.

So this is information about GDP.