Question

explain how gdp is computed by income method​

Answer 1

⚡ᴛʜᴇ ɪɴᴄᴏᴍᴇ ᴀᴘᴘʀᴏᴀᴄʜ ᴛᴏ ᴍᴇᴀsᴜʀɪɴɢ ᴛʜᴇ ɢʀᴏss ᴅᴏᴍᴇsᴛɪᴄ ᴘʀᴏᴅᴜᴄᴛ (ɢᴅᴘ) ɪs ʙᴀsᴇᴅ ᴏɴ ᴛʜᴇ ᴀᴄᴄᴏᴜɴᴛɪɴɢ ʀᴇᴀʟɪᴛʏ ᴛʜᴀᴛ ᴀʟʟ ᴇxᴘᴇɴᴅɪᴛᴜʀᴇs ɪɴ ᴀɴ ᴇᴄᴏɴᴏᴍʏ sʜᴏᴜʟᴅ ᴇǫᴜᴀʟ ᴛʜᴇ ᴛᴏᴛᴀʟ ɪɴᴄᴏᴍᴇ ɢᴇɴᴇʀᴀᴛᴇᴅ ʙʏ ᴛʜᴇ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ ᴏғ ᴀʟʟ ᴇᴄᴏɴᴏᴍɪᴄ ɢᴏᴏᴅs ᴀɴᴅ sᴇʀᴠɪᴄᴇs.❤

Answer 2

Answer:

Gdp is gross domestic product. In order to calculate it, one must only take the sum of prices of final product (not the intermediate products price which are used in manufacture of final product.)

Do follow...