The Value-Added Approach to Measuring GDP Is Where the Value

question 33

True/False

The value-added approach to measuring GDP is where the value of each stage of the production process is calculated.

---

Definitions:

Effective

Refers to something being successful in producing a desired or intended result.

Direct Competition

Occurs when businesses offer the same or similar products or services to the same customer base.

Unmet Customer Needs

Desires or requirements of consumers that are not being satisfied by current products or services on the market.

Differentiation

The process of distinguishing a product or service from others, to make it more attractive to a particular target market.