Write short note on value added approach.
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Value added approach:
* Add up each firm' s contribution to a product as it is produced
* A firm ' s contribution to a product is called its value added
* Value add approach = ( Gross value of output - Value of intermediate consumption )
* Value add - firm's contribution to a product as it is produced or
* Revenue it receives for its output minus cost of all the intermediate goods that it buys.
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