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Measuring GDP: Output and Value-added Approach
Transcript: 1 Looking at the Circular Flow of Income, 1 We see that stuff just gets transformed in different stages. 1 Firms use factors of production from households, 1 Perform some magic, 1 And Tada! You get goods and services 1 These are sold back to households. 1 Households pay for these stuff too, 1 Which reflects the value of these goods ...
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