Question

In three or four sentences, explain how to calculate Gross Domestic Product using the expenditure approach.

Answer 1

Answer:

Answer below

Explanation:

The expenditures approach says GDP = consumption + investment + government expenditure + exports – imports.

Answer 2

Answer:

The expenditures approach says GDP = consumption + investment + government expenditure + exports – imports.The income approach sums the factor incomes to the factors of production. The output approach is also called the “net product” or “value added” approach