FULL FORM OF GDP
FULL FORM OF GDP Gross Domestic Product (GDP) Gross Domestic Product (GDP) is the total market value of all the final goods and services produced within the country during specific time of period. It serves as the primary scorecard for a nation's overall economic health, size, and growth rate. it helps to economists to understand the country financial health and government makes policy decision on the basis of this data. Understanding Gross Domestic Product (GDP) TRADE SURPLUS Of all the components that make up a country’s GDP, the foreign balance of trade is especially important. The GDP of a country tends to increase when the total value of goods and services that domestic producers export to foreign countries exceeds the total value of foreign goods and services that domestic consumers buy. In this situation a country is said to have a trade surplus. TRADE DEFICIT In trade deficit if the amount that domestic consumers spend on foreign products is great...