GDP And Its Importance

GDP (Gross Domestic Product) refers to the total value of all final goods and services produced within a country during a particular year. It represents the total amount of all the finished goods and services produced in a country within a financian year.

For example, if wheat is sold at Rs 8 per kg to a flour mill, that sells flour to a biscuit company, that then uses the flour to make biscuits. Hence, the value of the biscuits would be counted, not the same as th value of flour. This is because the value of biscuits includes the value of intermediate goods and their production.

Importance:
~GDP is very important for economy.
~GDP gives you an idea about the standard of living of the citizens of the country.
~It also tells you about the average productivity of the citizens of the country.
~It gives you an idea about their earning potential.
~GDP gives you an idea about how and where to tax people.
~It gives you a direction about the need to upgrade the skills of people.

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