Part 1: Class, what is an intermediate good? How does an intermediate good differ from a final good? Explain why is it the case that the value of intermediate goods produced and sold during the year is not included directly as part of GDP, but the value of intermediate goods produced and not sold is included directly as part of GDP.
Part 1: Class, what is an intermediate good? How does an intermediate good differ from a final good? Explain why is it the case that the value of intermediate goods produced and sold during the year is not included directly as part of GDP, but the value of intermediate goods produced and not sold is included directly as part of GDP.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter19: The Macroeconomic Perspective
Section: Chapter Questions
Problem 2SCQ: Which of the following are included in GDP, and which are not? The cost of hospital stays The rise...
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![Discussion 5
Part 1: Class, what is an intermediate good? How does an intermediate good differ from a final good? Explain why is it the
case that the value of intermediate goods produced and sold during the year is not included directly as part of GDP, but the
value of intermediate goods produced and not sold is included directly as part of GDP.
Part 2: GDP is a measure of our economic well-being, though this measure omits some things that are important in
describing how well-off we are. Provide 3 specific examples of things that your think are important to you or to society, but
which are omitted from the GDP measure.
Reply](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F87f484ab-52ad-440a-9317-1d24d3f66e2b%2F13484511-a55c-4535-9a93-1123c654c538%2F84yubyq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Discussion 5
Part 1: Class, what is an intermediate good? How does an intermediate good differ from a final good? Explain why is it the
case that the value of intermediate goods produced and sold during the year is not included directly as part of GDP, but the
value of intermediate goods produced and not sold is included directly as part of GDP.
Part 2: GDP is a measure of our economic well-being, though this measure omits some things that are important in
describing how well-off we are. Provide 3 specific examples of things that your think are important to you or to society, but
which are omitted from the GDP measure.
Reply
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Introduction
Goods and services are items and activities that are exchanged in a marketplace. Goods are physical items such as food, clothes, and toys, while services are activities such as haircuts, car repairs, and teaching. Goods and services are exchanged using money and barter systems, and goods and services are essential to living in a market economy.
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