Question
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
The standard measure of national production isgross domestic product(GDP), but this measure does not include all production of all goods and services that have a positiveuse 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 an explaination which 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?
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