In Order to Avoid Multiple Counting,we Don't Count _____ Goods

question 204

Short Answer

In order to avoid multiple counting,we don't count _____ goods in GDP;only final goods are included.

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Definitions:

Income-Consumption Curve

Curve tracing the utility-maximizing combinations of two goods as a consumer’s income changes.

Utility-Maximizing

A principle or strategy of consumers making choices to achieve the highest overall level of satisfaction or utility from their available resources.

Inferior Good

An inferior good is a type of good for which demand decreases as the income of the individual increases, in contrast to a normal good.

Rental Housing

Properties available for rent to provide accommodation, usually on a monthly or yearly lease agreement.