Value Added Is the

question 66

Multiple Choice

Value added is the

• A)Addition to GDP because nonmarket activities are captured.
• B)Increase in market value of a product that takes place at each stage of the production process.
• C)Difference between nominal GDP and real GDP.
• D)Impact on third parties caused by market activities.

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Definitions:

Process Innovation

An improvement in the methods or technologies used in the production of goods and services, aimed at increasing efficiency or quality.

Patents

Legal documents granted by the government that give an inventor exclusive rights to make, use, or sell an invention for a certain period of time.

Imitation

The act of copying or mimicking the strategies, products, or processes of individuals or enterprises, often seen as a way to gain a competitive advantage or innovate.