2006-12-18 04:58:46 · 3 answers · asked by Vinu 1 in Social Science ➔ Economics
GDP = consumption + investment + government spending + (exports − imports)
Consumption is the final use of the good or service
Investment is resources put into something to create more wealth
Government spending is pretty self-explanatory
Exports is the amount of products that is bought in a foreign country that are made domestically
Imports is products that is made in another country and bought in the domestic country
2006-12-18 13:40:02 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Expenditure Approach to calculate GDP:
GDP = Consumption + Government Expenditures + Investment + (Exports - Imports)
Income Approach to calculate GDP:
GDP (Aggregate Income) = Wages + Rent + Interest + Profit
2006-12-18 05:26:31 · answer #2 · answered by zeus_scooby India 3 · 0⤊ 0⤋
GDP=GNP-NFYEA
GNP=gross national product or gross national income
NFYEA=net factor income earned from abroad
2006-12-18 20:15:11 · answer #3 · answered by srinath 2 · 0⤊ 0⤋