Use Gross Domestic Product ( which is the market value of all final goods and services produced in a country during a period of 1 year . Market Values ( measure production in quantity terms ,value in dollar terms all the goods and services produced.


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The main difference between nominal and real values is that real values are adjusted for inflation, while nominal values are not. As a result, nominal GDP will often appear higher than real GDP. (Because on average prices rise from one year to the next , real GDP is greater than nominal GDP in years before the base year using the same prices and quantities )
The expenditure method is the more common approach and is calculated by adding total consumption, investment, government spending and net exports. GDP=C+I+G+X
Expenditures Approach GDP=C+I+G+(X-M)Income Approach NY(National Income)+ I(Indirect Business )+ CA(Capital Consumption)+NLastly the value added approach value of sales of goods -purchase of intermediate goods to produce the goods sold
No, it misses out production in the home and in the underground economy.It is not a perfect measure for well being ( pollution , negative effects of production , not adjusted for changes in crime or other social problems.Measures the size of the pie but not how the pie is divided up
Gross Nation Product -value of final goods and services produced by residents of the usNational Income - total amount of money earned within a countryPersonal Income-income received by households from corporationsDisposable Income-personal income minus tax payments
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