if Jack refinished his basement himself, the value of his work is not included in gross domestic product (gdp).
This is the term that is used to refer to the total amount of the goods and services that are created in a given nation or economy at an annual basis or at the period of one year.
The reason why this is not a part of the GDP is due to the fact that no one was paid for the job that was done. The question tells us that he did the services tgat he needed by himself.
GDP has to do with the total amount of all of the finished goods and services in a society. But these can only be calculated if payments were made for the services that have been rendered.
Hence we would say that that work that has been done here by Jack is not one that would have to be put in the Gross domestic product of a nation because he did the work himself.
Read more on gross domestic product here: https://brainly.com/question/13511171
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