Can you help me to answer the question Thanks Discussion 5Part 1: Class, what is an intermediate good? How does an intermediate good differ from a final good? Explain why is it thecase that the value of intermediate goods produced and sold during the year is not included directly as part of GDP, but thevalue of intermediate goods produced and not sold is included directly as part of GDP.Part 2: GDP is a measure of our economic well-being, though this measure omits some things that are important indescribing how well-off we are. Provide 3 specific examples of things that your think are important to you or to society, butwhich are omitted from the GDP measure.Reply

Answered: Part 1: Class, what is an intermediate…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Can you help me to answer the question Thanks

Discussion 5
Part 1: Class, what is an intermediate good? How does an intermediate good differ from a final good? Explain why is it the
case that the value of intermediate goods produced and sold during the year is not included directly as part of GDP, but the
value of intermediate goods produced and not sold is included directly as part of GDP.
Part 2: GDP is a measure of our economic well-being, though this measure omits some things that are important in
describing how well-off we are. Provide 3 specific examples of things that your think are important to you or to society, but
which are omitted from the GDP measure.
Reply

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Goods and services are items and activities that are exchanged in a marketplace. Goods are physical items such as food, clothes, and toys, while services are activities such as haircuts, car repairs, and teaching. Goods and services are exchanged using money and barter systems, and goods and services are essential to living in a market economy.

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