Economics
Discuss with your teacher how you could calculate the total value of a good or service by using the method of value added at each stage.
Econ Sectors Ind
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Answer
The value-added approach allows us to estimate the total value of a good or service by considering the value added at each stage of production. At every production stage, we calculate the difference between the value of a firm’s output and the value of goods and services it purchases from other firms. This difference represents the value added by that stage of production.
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