Measuring economic - GDP ( Gross Domestic Product) - Measuring of GDP

6 important questions on Measuring economic - GDP ( Gross Domestic Product) - Measuring of GDP

What does PRODUCTION measure in the economy?

It totals the value of all goods and services produced in the economy.

What does EXPENDITURE account for?

This adds up total spending on goods and services in the economy.

What is included in INCOME?

It sums all income earned in the economy like wages and profits.
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What is one way to express GDP?

One method is the market value of production.

How can GDP be expressed in terms of spending?

It represents total expenditure including consumption, investment, Net exports and government purchases.

What does GDP represent in terms of income?

It is defined as total income, encompassing both labor and capital income.

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