prices of which type of good should be taken account while calculating

1.	prices of which type of good should be taken account while calculating the total production of a nation? why?
Answer» Answer: Value Added Method: To obtain national product figure of a country, we aggregate the MONEY value of all final goods and services produced in a country in a year. The figure that we obtain is called GNP or GDP. The words ‘money value’ and ‘final’ require little elaboration. We cannot really ADD up the physical QUANTITIES of all goods and services produced in a year. It is meaningless to COMPUTE the sum of 10 INDICA cars + 70 liters of kerosene oil + 50 meters of cloth Hope this answers helps you.

prices of which type of good should be taken account while calculating the total production of a nation? why?

Answer»

Answer:

Value Added Method:

To obtain national product figure of a country, we aggregate the MONEY value of all final goods and services produced in a country in a year. The figure that we obtain is called GNP or GDP.

The words ‘money value’ and ‘final’ require little elaboration. We cannot really ADD up the physical QUANTITIES of all goods and services produced in a year. It is meaningless to COMPUTE the sum of 10 INDICA cars + 70 liters of kerosene oil + 50 meters of cloth

Hope this answers helps you.

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