Question

how do we count the various goods and services and know the total production in each sector?

Answer 1

The following guidelines aid in calculating the total production in a given sector:- The value of the goods are calculated rather than the numbers of the individual goods.-The value calculated is of the final products and services which automatically includes the values of the intermediate goods and services. -The total production is then acquired by adding the total value of the final value of the goods and services in a given sector. This will give us the GDP in this sector