Respuesta :

To calculate GDP using the income approach, economists use total national income, sales tax,  depreciation and net foreign factor income.

Gross domestic product is all the products that a country produces within a given period.  

Types of Gross domestic product

  1. Nominal GDP: it is GDP determined using the prices in the given year.  
  2. Real GDP : it is GDP that has been adjusted for inflation.

Methods of calculating GDP

  • Income approach: this approach calculates GDP by adding the total income earned by the various factors of production.

       The equation that represents GDP using the income approach is:          GDP= Total national income + sales tax + depreciation + net foreign factor income.

  • Expenditure approach: GDP is the sum of consumption spending, government spending, net export and business spending.

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