Question

Complete the following table related to the three methods of estimating national income.
Product Method
Income Method
Expenditure MMethod
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Answer 1

Answer:

-product method:-this method is also known as output or inventory method.this method calculate national income by adding value to the product at every stage of production.

-income method:-it is calculating by adding up the wages,interest earned on capital profit earned and income generated by the self employed people in an economy.

-expenditure method:-expenditure method excludes the expenditure that are done on the purchase of shares,bonds and second hand goods.