Question

Explain the value-added approach with the help of an example that looks at multiple stages of production of a single final good.

Answer 1

Answer:

Each firm adds a certain value to the product. We call this VALUE ADDED- the difference at each stage of production between the value of a product and cost of intermediate goods bought from other firms. Value added at each stage represents income to resource suppliers at that stage.

Answer 2

Answer:

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