Question

What are final goods and intermediate goods? How do they help in calculating GDP?

Answer 1

Answer:

what are final goods and intermediate goods? how do they help in calculating GDP?

#Final goods are the goods meant for final consumption. ...

#Intermediate goods are unfinished goods that are not used for final consumption. ...

#Only final goods are taken while

calculating the Gross Domestic Product.

GDP denotes the value of all final goods produced in a country during a specific year. Higher the GDP, bigger is the size of the economy.

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