How may National Income measure the economy’s growth?

0 ⤊

How may National Income measure the economy’s growth?

2007-03-07 15:59:21 · 2 answers · asked by toyang c 1 in Social Science ➔ Economics

2 answers

GDP is measured by either the production of goods or by the income generated by the production (National Income). The BLS calculates both and compares the results. The difference is referred to as the "statistical discrepancy" The change year over year is attributed to inflation and change in "real" GDP (growth).

2007-03-08 05:21:05 · answer #1 · answered by meg 7 · 0⤊ 0⤋

I suppose if people make more money it means the economy is growing..

2007-03-08 01:00:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋