7.1 Peter operates a garage which provides customers with car repairing services. In March 2021 he...

 

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7.1 Peter operates a garage which provides customers with car repairing services. In March 2021 he bought a 5-year old second hand car from his customer at a price of $92,000. He paid his worker $3,000 to repair and clean up the engine, and then successfully sold the car to another customer for $106,000 in June 2021. Discuss how the 2021 GDP and its components were affected under the three different approaches of GDP accounting. 7.1 Peter operates a garage which provides customers with car repairing services. In March 2021 he bought a 5-year old second hand car from his customer at a price of $92,000. He paid his worker $3,000 to repair and clean up the engine, and then successfully sold the car to another customer for $106,000 in June 2021. Discuss how the 2021 GDP and its components were affected under the three different approaches of GDP accounting.