Question

In: Economics

definition of the following please :) OMISSIONS FROM GDP i. INTERMEDIATE GOODS ii. UNDERGROUND ECONOMY iii....

definition of the following please :)

OMISSIONS FROM GDP

i. INTERMEDIATE GOODS

ii. UNDERGROUND ECONOMY

iii. MANHOUR/LEISURE

iv. ENVIRONMENTAL DESTRUCTION

Solutions

Expert Solution

INTERMEDIATE GOODS

intermediate goods refer to the goods which are used as inputs in the production of other goods including final goods. i.e these are those goods which are not ready for use by their final users.

these goods may be used for raw material for the production of other goods.

UNDERGROUND ECONOMY

it refers to that part of a country's economic activity that is unrecorded and untaxed by its government. Then it means that the economic transactions that are illegal, either because the goods or services traded are unlawful in nature, or because transactions do not comply with governmental reporting requirements

it is also known as black market or shadow economy

MANHOUR/LEISURE

A man-hour refers to the amount of work performed by the average worker in an hour. It is used for calculation of the total amount of uninterrupted labor required to perform a task.

Leisure refers to the quality of experience as a free time

soi combine manhour and leisure tells that how much time a worker works and how much time he gets rest

ENVIRONMENTAL DESTRUCTION

it is also known as Environmental degradation

it is the deterioration of the environment through depletion of scars resources like air, water and soil.

For any query please comment and please upvote

Rahul Sunny answered 2 years ago
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