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34 Pages • Complete Study Notes • Year: Pre-2021
HD NOTES Explain the three different approaches that can be used to calculate GDP. Briefly indicate why all three approaches should give the same estimate for GDP. - Production method is the method when the market value of the goods and services produced or provided is accumulated which gives the GDP - Expenditure method is when the spending made by all final users is subtracted on imported goods and services which gives the GDP. - Income method is the method when the labour income and capital income is totalled which gives the GDP - Production method would give a good estimate of GDP as it directly calculates the market value of the final goods and services produced in the country. The expenditure method would give a good estimate as when a good or service is produced, this would be purchased or used by some economic agent. Income method is used because when goods or services are sold, the revenue must be distributed to the workers and owners. Thus GDP would equal to capital & labour income.
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