Product method of calculating national income
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Step-by-step:
There are three ways of calculating GDP - all of which in theory should sum to the same amount:
National Output = National Expenditure (Aggregate Demand) = National Income.
(i) The Expenditure Method - Aggregate Demand (AD)
GDP = C + I + G + (X-M) where.
The Income Method – adding together factor incomes.
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