Complete the following table related to the three methods of estimating national income,
•Product Method
•Income Method
•Expenditure Method
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Product method is that which estimates the national income by measuring the contribution of final output and services by each producing enterprise in the domestic territory of a country during a given accounting period.
It is the net outcome of all economic activities that takes place in a country and valued in terms of money. National income is measured using three methods, income method, expenditure method and product method. Income Method Definition. Income method calculates national income based on the flow of factor revenues.
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*Production method
The money value of goods and services produced by the primary, secondary and tertiary sectors.
*Income method
National income is calculated based on rent, wages, interest and profit.
*Expenditure method
By calculating the expenditure incurred by individuals, firms and government.
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