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In spite of the fact that GDP is mostly based on estimates of market data, some important components of consumer spending involve implicit (unpaid) transactions.
In spite of the fact that GDP is mostly based on estimates of market data, some important components of consumer spending involve implicit (unpaid) transactions. Name one such factor and explain why it is included in GDP in spite of being unpriced.
You are welcome to use the links! you dont have to use it
https://www.ons.gov.uk/economy/nationalaccounts/uksectoraccounts/methodologies/aguidetotheuknationalaccountsmarch2020
https://pubs.aeaweb.org/doi/pdfplus/10.1257/jep.22.2.193
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