What are three ways GDP is measured?

Answer 1

Gross Domestic Product (GDP) can be measured using three primary approaches: the production approach, the income approach, and the expenditure approach. The production approach calculates GDP by summing the value added at each stage of production across all industries. The income approach measures GDP by totaling all incomes earned by factors of production, including wages, rents, and profits. Lastly, the expenditure approach adds up all expenditures made in the economy, including consumption, investment, government spending, and net exports (exports minus imports).