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Measuring Domestic Output and National Income (Financial Transactions…
Measuring Domestic Output and National Income
GDP
Primary monetary measure of Economic performance
Annual total out put of all goods and services
Excludes non production transacrions
Financial Transactions
Stock Market Transactions
Private Transfer Payments
Public Transfer Payments
Secondhand sale
Income
National Income
within border and abroad
Domestic income
within a border
Two way looking of GDP
Output or Expenditure approach
Sum of all money spent in buying goods and services
Personal consumptions (C)
Gross domestic investments (Ig)
Government Purchases (G)
Net Exports(exports - imports)
GDP = C + Ig + G + X – M
Earnings or allocation or income approach
Rents
Wages
Income derived or created from producing goods and services
Profits
Statistical adjustments
Taxes on Production and Import