wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

explain the term gdp why are only final goods & services counted in gdp

Open in App
Solution

  • Intermediate goods are used up in producing final goods and services. The finished good made up of all the intermediatery goods are the final products..
  • The value of final goods is only used in the calculation of the GDP because it already includes the value of all
    the intermediate goods that are used in making the final good.

flag
Suggest Corrections
thumbs-up
1
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Per Capita Income, National Income and GDP
GEOGRAPHY
Watch in App
Join BYJU'S Learning Program
CrossIcon