Please write an essay addressing the following question (and submit in a Word or pdf

Please write an essay addressing the following question (and submit in a Word or pdf file through turnitin): The standard measure of national production is gross domestic product (GDP), but this measure does not include all production of all goods and services that have a positive use value. For example, GDP does not include household production of goods and services because these were deemed to be too difficult to quantify by the early designers of the GDP. Please write a short essay (1-3 pages double spaced) explaining the value of household production. Also, specifically address the following question: How does the omission of household production bias GDP as a measure of real economic production? (Hint: You should largely rely on the material from Chapters 2 and 3 of the textbook, as well as the lectures and discussion sections)

 

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