Measuring GDP and Economic Growth - The income approach
6 important questions on Measuring GDP and Economic Growth - The income approach
How does the income approach measures GDP?
By summing the incomes paid by firms to households for the services of the factors of production they hire - wages for labour, interest for capital, rent for land and profit for entrepreneurship
What are the three components from the income approach
1. Compensation of employees
2. Gross operating surplus
3. Mixed income
What is compensation of employees?
Total payment by firms for labour services
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What is the gross operating surplus?
The total profit made by companies and the surpluses generated by publicly households in the form of dividends, and some are retained by companies.
What is gross domestic income at factor costs
The sum of all the incomes
What is indirect tax?
Tax paid by consumers when they buy goods and services
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