[[1]] includes only the final goods and services produced in each economic sector.

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Detailed Solution

Gross Domestic Product includes only the final goods and services produced in each economic sector.
The Gross Domestic Product is the total value of all final goods and services produced in a given year across all three economic sectors: primary, secondary, and tertiary. It is the sum of total production in each of the three sectors. GDP tells us how powerful an economy is in monetary terms. Then we calculate the total amount of final goods and services produced in each sector and add them up to get the value of GDP. While calculating GDP, it is necessary to keep in mind that we calculate only the value of final goods and services, not intermediate goods. Calculating the value of intermediate goods, which are further used in producing final goods, will lead to double counting.

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