Eco Ch 4|Service Sectors|Q/ A 1 to 6 Explained|cl10 ,|Punjab Board |

Gross Domestic Product (GDP) is the total monetary value of all final goods and services produced within a country's borders in a specific period of time (usually a year). It is considered the broadest measure of a country's economic activity.
Here's a breakdown of what GDP includes:
Consumption: Spending by households on goods and services.
Investment: Spending by businesses on capital goods like machinery and equipment.
Government spending: Spending by the government on public goods and services.
Net exports: The difference between exports (goods and services sold to other countries) and imports (goods and services bought from other countries).
GDP is used to measure economic growth, assess the overall health of an economy, and compare the economic performance of different countries.
Note: GDP has some limitations. For example, it doesn't account for unpaid work, environmental damage, or income distribution.
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