What precautions should be taken while calculating the value of goods produced and why?
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following precautions should be taken while calculating the value of the goods produced in a country -
value of only final goods and services should be taken
the value of intermediate goods should not be included in calculation of gdp
for example the value of a 20 rs biscuit also includes the value of its constituents like sugar,wheat flour etc. so only the final price of good should be taken in calculating GDP.
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