The Full form of the GDP is Gross Domestic Product. It is the cost of all final goods and services produced within a rustic during a selected length it is referred to as Gross Domestic Product.
Suppose there are two households – one is a rich circle of relatives whereas the other is a poor own family, We can make such judgments as “rich” or “poor” based on the dress people in the family wear, motors they use to travel, meals that they eat, residence they live in, furniture and other device they have, hospitals they go for treatment, etc.
Alternately, income that these families earn is an essential usual indicator. For the use of an as a whole, we use the total value of products and services produced within the country as the indicator of profits for the country. The technical time period to denote this price as Gross Domestic Product (GDP).
It means the market value of all goods and services produced in an economy within the domestic territory in an accounting period including depreciation nd it is not necessary that it should be produced by the normal residents of that country it can be produced by the foreigners but it should be within the Domestic territory of that country.
Donestic territory of any country means not only the geographical area of a country but also the area where the people nd goods of that country have the freedom to move.