Question

When using the income approach to measure gdp the largest share of gdp generally consists of

Answer 1

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━━━━━━━━━━━━━━━━━━━$\mathfrak{\green{Answer.}}$Consumption is the largest component of the GDP. In the U.S., the largest and most stable component of consumption is services. Consumption is calculated by adding durable and non-durable goods and services expenditures.
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Answer 2

When using the income approach to measure GDP the largest share of GDP generally consists of labor income

Explanation:

• The GDP gives the total value output for the goods produced in the economy.  The income approach to measure GDP refers to the total expenses of  the economy in the country which should be equal to  the production of goods
• The income of a company is the total profits that are earned by the company or it could even refer to the income that an employee gets from the enterprise. The total income is accounted for in the GDP of the economy.
• Labor is one of the factors of production and their income accounts for largest share of GDP in the income approach. The GDP of an economy gives a total picture of the health of the economy and the country and the standard of living of the people

To know more about  GDP of economy

What are the steps in the estimation of GDP of an economy?

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