Explain product method of calculating national income?
Monday, March 20, 2023
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Question: Explain product method of calculating national income?
The product method of calculating national income involves adding up the total value of all final goods and services produced within a country's borders during a particular period of time, usually a year. This includes the value of goods and services consumed by households (personal consumption), the value of goods and services purchased by businesses (gross private investment), the value of goods and services produced by the government (government consumption), and the value of goods and services sold to other countries (net exports). By summing up these values, we can determine the country's gross domestic product (GDP), which is a measure of its economic output.
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