What is GDP and three method of GDP

GDP and there method of GDP

GDP:Gross Domestic product is the market value of all the final goods and services produced whithin a country in a given period of time.

Expenditure method:The expenditure method is a system for calculating gross domestic product (GDP) that combines consumption, investment, government spending, and net exports. It is the most common way to estimate GDP.

Income Method:As per this method, all the incomes that accrue to factors of production by way of wages, profits rent, interest, etc.

 

Product Method:Product method is also known as output method or value added method. In this method, we calculate the national income in terms of final goods and services produced in an economy during a particular period of time.