Question

Factor income formula

Answer 1

Answer:

The factor income approach, or simply income approach, measures gross domestic product (GDP) by adding up employee compensation, rent, interest, and profit.

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Answer 2

Answer:

Factor income is the flow of income that is derived from the factors of production—the general inputs used in the production of goods or services in order to make an economic profit. Factors of production include land, labor, and capital.

Factor income is income gained from either of the four factors of production. Factors of production include: land whose income is rent, labor whose income is wages and capital whose income is interest and entrepreneurship whose income is profit.

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