National Income Statistics Flashcards by Odelyn Xie | Brainscape

Q

What is GDP?

A

Gross Domestic Product, a measure of a country’s output.

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Q

What are the methods to measuring GDP?

A

Output Method
Income Method
Expenditure Method

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Q

What is the Output Method?

A

Totalling the final value of goods and services produced (includes added value from every stage of production).

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