What precautions (any four) should be taken while estimating national income by production method ?
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State the various precautions of Product Method that should be kept in mind while estimating national income.

Explanation

Precautions of Product Method: 1. Avoid double counting. 2. Production for self consumption should be included. 3. Sale of second hand goods is not to be included. 4. Production from illegal activities is not to be included. 5. Value of services rendered by housewives/family members is not to be included