The value added by an industry is the value of the goods and services produced minus

Question

Quizplus · Accepted Answer

The value added by an industry is calculated as the total value of the goods and services produced minus the cost of intermediate goods used in the production process. Intermediate goods are goods that are used as inputs in the production of other goods, and their cost is subtracted from the value of the final products to avoid double counting. Depreciation, taxes, wages, and inflation are not directly included in the calculation of value added.

The Value Added by an Industry Is the Value of the Goods