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What is the income approach?

The intuition behind the income approach is pretty straightforward because every time you spend money, that spending is someone else's income. Learn more about the income approach and its categories: wages, interest, rent, and profit. Created by Sal Khan. Want to join the conversation?

What is the income approach to calculating GDP?

The income approach to calculating gross domestic product (GDP) states that all economic expenditures should equal the total income generated by the production of all economic goods and services. The alternative method for calculating GDP is the expenditure approach, which begins with the money spent on goods and services.

What is the income approach to measuring a country's Gross Domestic Product (GDP)?

The income approach to measuring a country's gross domestic product (GDP) is based on the accounting principle that all expenditures in an economy should equal the total income generated by the production of all that economy's goods and services.

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