A Farmer produces $200,000 in wheat and pays wages to her workers of $120,000. A Miller buys all $200,000 of wheat from the farmer and turns it into $300,000 worth of flour. The Miller pays $40,000 in wages, sells $50,000 of flour to households and sells the remainder to a baker. The baker buys $250,000 in flour from the Miller, pays $100,000 in wages to workers and sells $500,000 worth of bread to the public. Briefly discuss the three approached to calculating GDP and calculate GDP for this example using each of these approaches.
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A Farmer produces $200,000 in wheat and pays wages to her workers of $120,000. A Miller buys all $20...
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