Sapling Learning Method 1 This method takes into account pay

Sapling Learning Method 1: This method takes into account payments received by the various factors of production used to produce final goods and services in the economy Method 2: It is the sum of the market values of its products or servicesSelect answ minus the cost of the inputs used to make the products or services Method 3: This method is the market value of all the output produced within a nation\'s domestic boundaries within a given period Previous O check Answer 0 Next Exit

Solution

Method 1: Income Approach

The income approach sums the factor incomes to the factors of production. According to the Income Approach,

GDP = National Income (NY) + Indirect Business Taxes (IBT) + Capital Consumption Allowance and Depreciation (CCA) + Net Factor Payments to the rest of the world (NFP)

Method 2: Output approach or Value added approach

Value added = value of production - value of intermediate goods

Method 3: Expenditure Approach

According to The expenditures approach, GDP = consumption + investment + government expenditure + exports – imports.