Question: 1. What is GDP? Explain why final goods and services are counted towards calculating GDP but intermediate goods are not counted. Give an example

1. What is GDP? Explain why final goods and services are counted towards calculating GDP but intermediate goods are not counted. Give an example of a purely financial transaction which is not counted towards calculating GDP. Explain the expenditures approach and the income approach to calculating GDP.

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Understanding GDP 1 What is GDP GDP or Gross Domestic Product is a key metric used to measure the total market value of all final goods and services p... View full answer

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