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If in the past you have always painted your own house but now you hire a painting contractor to do the work,what is the effect on GDP?
Gross Profit Method
A technique used for estimating inventory and cost of goods sold, calculated by applying a gross profit percentage to sales.
Retail Inventory Method
An accounting method used by retailers to estimate inventory value by converting retail prices to cost prices.
Perpetual Inventory
A system of accounting for inventory that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.
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