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Explain Why It Is Reasonable to Count Not Just Goods

question 65

Essay

Explain why it is reasonable to count not just goods but also services as part of gross domestic product (GDP).


Definitions:

Property

Assets or possessions that belong to an individual or entity, which can include tangible items like land and buildings, or intangible rights and legal claims.

Transfer

The act of moving ownership, rights, or interests in property, assets, or legal claims from one party to another.

Personal Property

Property that is not attached to real estate and includes tangible items like cars, furniture, and personal belongings.

Possessing

The act of having physical control or ownership of an object or property.

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