Introduction to principles of macroeconomics/Double counting

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Kahn Academy Video on final and intermediate GDP contributions.

Watch this Kahn Academy video on Youtube, which discusses the differences between intermediate and final goods and services from the perspective of calculating GDP.

Consider the following questions:

  • What is the difference between a final or intermediate good or service?
  • Do we count intermediate goods or services when calculating GDP?
  • What are the dangers of counting the intermediate AND final goods or services?

Having viewed this short video signpost, please address at least one of these questions on WENotes below.