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Goods and Services
GDP includes tangible goods (food, clothing, cars) (and intangible services that
consumers use such as hair cuts, housecleaning, doctor’s visits). When you buy CD’s by
your favorite band, you are buying a good, and the purchase price is part of our GDP.
When you pay to hear a concert by the same band, you are buying a service, and the
ticket price is also part of our GDP