why do we include value of only final goods in national income ? explain with an example.
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nice question
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we include value of only final goods in final income because the value of final goods includes the value of all intermediate goods used in their production. The inclusion of intermediate goods would involve double counting and will therefore give an exaggerated estimate of gross national product.
eg:Gross National Product (GNP)
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Answer:
Because the value of final goods includes the value of all intermediate goods used in their production. The inclusion of intermediate goods would involve double counting and will therefore give an exaggerated estimate of gross national product.
Explanation:
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