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... There are two ways of showing this data, which are GDP and GNP. GDP is the value of output produced within the boundaries of the U. ...
There are three main ways of calculating the GDP of an economy. These are: GDP by factor income, GDP by value added by each sector and GDP by output (value added by industry). ...
GDP by factor income is a process of calculating GDP whereby you calculate the sum of the final incomes earned through the production of goods and services. ... Only factor incomes generated through the production of goods and services are included in the calculation of GDP by income. ... The latter of these is a major downfall of this as a method of calculating GDP, because a lot of income earned by skilled tradesmen such as builders and electricians is not registered with the inland revenue. ...
GDP by output (value added from each sector) is a measurement of the output produced by each industry using the concept of value added.
Approximate Word count = 722
Approximate Pages = 2.9
(250 words per page double spaced)
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