ECONOMICS
GDP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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All spending on final products in the year.
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All Income made from selling all final goods.
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All costs on all products.
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The amount of people involved in production.
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Detailed explanation-1: -The expenditure approach to calculating gross domestic product (GDP) takes into account the sum of all final goods and services purchased in an economy over a set period of time. That includes all consumer spending, government spending, business investment spending, and net exports.
Detailed explanation-2: -It does not include expenditure on second hand goods.
Detailed explanation-3: -an approach to calculating GDP that involves adding up all of the income earned within the borders of a country in a given year; the income approach adds up wages, rents, interest, and profits.
Detailed explanation-4: -GDP = C + G + I + NX. C = consumption or all private consumer spending within a country’s economy, including, durable goods (items with a lifespan greater than three years), non-durable goods (food & clothing), and services. More items •7 days ago