Question

What is G.D.P ? Why are only final goods and services counted in G.D.P?

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Answer 1

Answer:

Only final goods and services are counted, to avoid multiple counting, since their prices covers the cost of all intermediate products and services that were used to produce the final output. Another way to calculate GDP is to measure the value added to each product or service at each stage of its production.

Step-by-step explanation:

All the final goods and services produce in all three sectors is called gross domestic products. Final goods and services are counted in GDP because final goods and services can't produce with out passing through these three sectors.

Answer 2

Answer:

GDP:- gross domestic product