With an example, explain the concept of double counting.

Double counting, also known as double counting error or multiple counting, is a common pitfall in macroeconomics when calculating a nation's gross domestic product (GDP). It occurs when the same economic activity is counted more than once in the GDP calculation, leading to an inflated and inaccurate measure of a country's economic output. To avoid double counting, economists use the value-added approach or the final goods and services approach to calculate GDP.

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