Economics Quiz: What are 3 ways to calculate GDP?
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Economics Quiz: What are 3 ways to calculate GDP?
There are three main ways to calculate GDP: 1) Production (or Output) Method: adds up the value of all goods and services produced in the economy. 2) Income Method: sums all incomes earned by individuals and businesses in the country, including wages, profits, rents, and taxes minus subsidies. 3) Expenditure Method: adds up all spending on ...
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