Gross domestic product (GDP)

PrepNuggets

Expenditures Approach

The market value of all final goods and services produced within the economy in a given period of time.

GDP = Consumption + Investment + Govt Spending + Net Exports

Income Approach

The aggregate income earned by all households, all companies, and the government within the economy in a given period of time.

GDP = National Income + Capital Consumption Allowance

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