Last Modified: 2011-10-10
Income = expenditure = value of output (they all equal, all 3 methods)
Expendture method: GDP= C+I+G+X-M
Income measure: GDP = wages + interest + rent + profits - net factor income from abroad + capital consumption + indirect business taxes
Agricultural -> manufacturing -> services
GDP = Private consumption + Gross private domestic investment + govt purchases + exports - imports.
GDP = C+I+G+X-M
Exports - imports
(X-M) = negative value.
GDP = wages + interest + rent + profits - net factor income from abroad + capital consumption + indirect business taxes
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