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only those goods are included in the estimation of domestic product which are sold or purchased in the domestic market of a country.Defend or refute with examples
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only those goods are included in the estimation of domestic product wh...
Defending the statement:
Only those goods that are sold or purchased in the domestic market of a country are included in the estimation of domestic product.
Explanation:
Gross Domestic Product (GDP) is the sum of all final goods and services produced within a country's borders in a given time period. The statement defends the fact that only goods produced and consumed within the domestic market are included in the estimation of GDP.
There are several reasons why this statement is true:
1. Only final goods and services are counted: Intermediate goods, which are used to produce final goods and services, are not included in the calculation of GDP.
2. The value of goods produced for export is not included: Goods produced for export are not consumed in the domestic market and are therefore not included in the calculation of GDP.
3. Only production that takes place within the country's borders is counted: Production that takes place outside the country's borders, even if it is owned by domestic residents, is not included in the calculation of GDP.
For example, if a car is manufactured in Japan by a Japanese-owned company, but the car is sold in the United States, the value of the car is not included in Japan's GDP.
Conclusion:
In conclusion, the statement that only goods sold or purchased in the domestic market of a country are included in the estimation of domestic product is true. This is because GDP only measures the value of goods and services that are produced and consumed within a country's borders.
Only those goods that are sold or purchased in the domestic market of a country are included in the estimation of domestic product.
Explanation:
Gross Domestic Product (GDP) is the sum of all final goods and services produced within a country's borders in a given time period. The statement defends the fact that only goods produced and consumed within the domestic market are included in the estimation of GDP.
There are several reasons why this statement is true:
1. Only final goods and services are counted: Intermediate goods, which are used to produce final goods and services, are not included in the calculation of GDP.
2. The value of goods produced for export is not included: Goods produced for export are not consumed in the domestic market and are therefore not included in the calculation of GDP.
3. Only production that takes place within the country's borders is counted: Production that takes place outside the country's borders, even if it is owned by domestic residents, is not included in the calculation of GDP.
For example, if a car is manufactured in Japan by a Japanese-owned company, but the car is sold in the United States, the value of the car is not included in Japan's GDP.
Conclusion:
In conclusion, the statement that only goods sold or purchased in the domestic market of a country are included in the estimation of domestic product is true. This is because GDP only measures the value of goods and services that are produced and consumed within a country's borders.
Community Answer
only those goods are included in the estimation of domestic product wh...
Refute... because even the goods produced for self consumption is included in the estimation of national income without being sold in the market.
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only those goods are included in the estimation of domestic product which are sold or purchased in the domestic market of a country.Defend or refute with examples Related: Extra Question’s - Chapter 2 and 3 National Income Accounting - Economics, Class 12?
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