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15 Mar 2021
Explain the income approach of measuring GDP with example and graph.
Explain the income approach of measuring GDP with example and graph.
manhokwe tawandaLv10
16 Mar 2021
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(Income approach to GDP) How does the income approach to measuring GDP differ from the expenditure approach?
How does the income approach to measuring GDP differ from the expenditure approach? Explain the meaning of value-added and its importance in the income approach. Consider the following data for the selling price at each stage in the production of a 5-pound bag of flour sold by your local grocer. Calculate the final market value of the flour.
| Stage of the Production | Sale price |
| Farmer | $0.30 |
| Miller | $0.50 |
| Wholesaler | $1.00 |
| Grocer | $1.50 |
