What is the full form of GDP?

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    • Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a given period of time. GDP is different from GNP in the sense that GNP is calculated based on ownership while GDP is calculated based on location. For example: Ford Motor (an American company) opens up its office in India. Its revenue will add to the GDP of India and GNP of USA. A country’s standard of living is usually calculated by taking GDP per capita. The GDP is usually calculated by employed one of the three methods: output approach, income approach and the expenditure approach. In principle all the three approaches should give the same results.

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