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Project Paper 2 - Essay Example

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However, most economists embrace the product approach, which is more direct. The product approach sums all the outputs of each group of the enterprise to get the total. Production approach This method of GDP determination can be called the Net Value of Domestic output. The method comprises of tree primary stages, which are as follows Start by approximating the Gross value of domestic output from all the numerous economic activities within a nation (Miyajima, & International Monetary Fund, 2006). Calculating the intermediate consumption such as the expenditure of materials, services and even otter supplies used in the manufacture of the final products and services (Miyajima, & International Monetary Fund, 2006). Subtracting the midway consumption cost from the Gross cost to find the Net worth of the Domestic output (Miyajima, & International Monetary Fund, 2006). This procedure can be represented as follows Net Value = Gross Value of output- Value of intermediate Consumption Whereby the Value of output= Value of the total sales of goods and services + value of changes in the stock. The summation of Net Value Added in diverse economic activities is referred total the GDP at factor cost, whilst the addition of indirect taxes to the GDP at a factor cost gives the GDP at producer cost (Miyajima, & International Monetary Fund, 2006). ...
This implies that, inclusion of the intermediate products cost, will cause cost double counting, and this may not give the intended value of the GDP. QUESTION

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Summary

Macro & Micro-economics Name Institution of Affiliation QUESTION 1: The Gross domestic product (GDP) refers to the market value of all formally accepted final goods and services manufactured in a nation over a given period. The GDP per capita is considered as a pointer of a nation’s standard of living…
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