Describe the expenditure method of calculating …
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Gaurav Seth 5 years, 1 month ago
To calculate, GDPMP by, the expenditure method, we add up final expenditure on the goods and services produced by all the economic sectors of an economy. Expenditures incurred on consumption and investment are final expenditures. These are classified into: (i) Private final consumption expenditure. (ii) Government final consumption expenditure. (iii) Gross domestic capital formation. (iv) Net exports = (Exports less Imports) The sum total of these expenditures is GDPMP..
The expenditures approach says GDP = consumption + investment + government expenditure + exports – imports. The income approach sums the factor incomes to the factors of production. The output approach is also called the “net product” or “value added” approach .
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