This question is taken from national income and Related aggregates from class 12th Economics NCERT solutions. I couldn’t find a better and explanation there. Can anyone tell me in simpler terms?
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This question is taken from national income and Related aggregates from class 12th Economics NCERT solutions. I couldn’t find a better and explanation there. Can anyone tell me in simpler terms?
Value added can be describe as difference between total value of output (production) of a firm and value of inputs (raw materials used to produce) that is bought from other firms.