Question

How do we count various goods and services what precautions should be taken while counting goods and services?

Answer 1

Explanation:

GDP (gross domestic product) calculation gives us information for the goods and services of the area through which we know the total value of goods and services of that area.

There are several ways to achieve it, usually it is done by calculating the amount of products and multiplying with their respective prices in the market.

Precautionary measures that must be taken while calculating the goods and services are

• Only count final expenditure to avoid double count
• Exempt expenditure on second hand goods
• Exempt transfer expenditure
• Self-owned goods expenditure should also be excluded

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Answer 2

Answer:

We count the value of all the final goods and services that were produced in a particular year. Gross domestic product itself shows that what is the flow of goods and services in a financial year in an economy. And to calculate GDP it’s necessary to count all the final goods and services which are produced in a particular year.

Explanation:

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