- Final goods and services
- Does not include intermediate goods (inputs used to produce goods)
- Avoid doubling counting
- Used or second hand sells (includes double count)
- Gifts or transfer payments (public or private)
- Social Security, Unemployment compensation, scholarships
- Stocks and Bonds. No production.
- Unreported business transaction (Ex. tips)
- Illegal activity (black market or underground activity)
- Non-market activity (volunteering or family work)
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