How to gdp are work in economic development

I want understand how gdp are working in economic development

Your Answer

Lets try to understand the whole process with an example.
Lets take an example of an individual's house. Suppose in year 2000 , the individual has total property net worth of ₹100000 where property can be any product inside the home ex- TV, fridge, AC etc.
In year 2005 i.e 5 years later his total property worth increases to suppose ₹ 500000 i.e if we compare it to the year 2000 we can easily see that the individual has 5 times more property i.e he has grown 5 times when we compare him with 5 years before.
Exactly this examples works in our nation.
Where the individuals home is a country.
Individual Property means all the products present inside the boundary of the country.
 Total value of all these product is termed as GDP . Hence the total growth of a nation is calculated by the GDP of the nation.

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