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What Is Meant by a Final Good or Service as Opposed

question 118

Essay

What is meant by a final good or service as opposed to an intermediate good or service? Why are only final goods and services included in the calculation of GDP?


Definitions:

Konrad Lorenz

An Austrian biologist known for his foundational work in ethology, notably his studies on imprinting behavior in geese.

Ethology

The scientific study of animal behavior, typically with a focus on behavior under natural conditions, and viewed as an evolutionary adaptation.

Biological Bases

The underlying genetic, neurological, and physiological mechanisms that contribute to behavior and functions of living organisms.

Evolutionary Bases

Fundamental principles or reasons for something based on evolutionary theory, highlighting how inherited traits have developed over time through natural selection.

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