GDP-methods of calculating and issues

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What are the 3 ways of measuring GDP?
Output Method, Income Method and Expenditure Method
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How do you avoid using the double counting for the output mehtod?
Use value added method
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What do you add up in the income method?
Wages, salaries, interest, profits and rent
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What's deducted from the income method?
Transfer Payments
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What do you deduct from the expenditure method?
Indirect Taxes
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What do you include in the expenditure method?
Expenditure on goods and services, imports and subsidies
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What are the 3 difficulties with measuring GDP
Population Growth, Informal Activity and Regretabble activiy
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How can you sort the issue with population growth?
Caluculate GDP per capita
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How does the informal economy effect productivity and inflation?
It results in lower productivity and lower inflation
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Card 2

Front

How do you avoid using the double counting for the output mehtod?

Back

Use value added method

Card 3

Front

What do you add up in the income method?

Back

Preview of the front of card 3

Card 4

Front

What's deducted from the income method?

Back

Preview of the front of card 4

Card 5

Front

What do you deduct from the expenditure method?

Back

Preview of the front of card 5
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