how to calculate our economy
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The expenditure approach, also known as spending approach, calculates the spending by the different groups that participate in the economy. This approach can be calculated using the following formula: GDP = C + G + I + NX, or (consumption + government spending + investment + net exports).
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1.The following equation is used to calculate the GDP: GDP = C + I + G + (X – M) or GDP = private consumption + gross investment + government investment + government spending + (exports – imports).
2.Nominal value changes due to shifts in quantity and price.
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