Which term refers to the total value of all the goods and services pro

Which term refers to the total value of all the goods and services produced within the country during a specific period?

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GDP

GNP

GNI

GVA

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Answer is Wrong!

This question was previously asked in

UPSC Combined Section Officer – 2019-20

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Gross Domestic Product (GDP) is the total monetary value of all the finished goods and services produced *within the geographical boundaries* of a country during a specific period, usually one year. It is the most common measure of a country’s economic output.

– GDP measures production based on location (within the country’s borders).
– It includes production by both citizens and foreigners residing in the country.
– It is calculated for a specific time period (quarterly or annually).

GNP (Gross National Product) measures the total value of goods and services produced by the residents of a country, regardless of their location. GNI (Gross National Income) is conceptually similar to GNP. GVA (Gross Value Added) measures the contribution of individual producers, industries, or sectors to the GDP.

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