THe side of my life

Topics: National accounts, Gross domestic product, Value added Pages: 3 (638 words) Published: February 24, 2014
actor cost plus indirect taxes less subsidies on products is GDP at Producer Price. For measuring output of domestic product, economic activities (i.e. industries) are classified into various sectors. After classifying economic activities, the output of each sector is calculated by any of the following two methods: By multiplying the output of each sector by their respective market price and adding them together and By collecting data on gross sales and inventories from the records of companies and adding them together The gross value of all sectors is then added to get Gross Value Added (GVA) at factor cost. Subtracting each sector's intermediate consumption from gross output, we get GDP at factor cost. Adding indirect tax minus subsidies in GDP at factor cost, we get GDP at Producer Prices. Income approach[edit]

Countries by 2012 GDP (nominal) per capita.[7]
over $102,400
below $400

GDP (PPP) per capita (World bank, 2011).
" Sum total of incomes of individuals living in a country during 1 year ." Another way of measuring GDP is to measure total income. If GDP is calculated this way it is sometimes called Gross Domestic Income (GDI), or GDP(I). GDI should provide the same amount as the expenditure method described below. (By definition, GDI = GDP. In practice, however, measurement errors will make the two figures slightly off when reported by national statistical agencies.) This method measures GDP by adding incomes that firms pay households for factors of production they hire- wages for labour, interest for capital, rent for land and profits for entrepreneurship. The US "National Income and Expenditure Accounts" divide incomes into five categories: Wages, salaries, and supplementary labour income

Corporate profits
Interest and miscellaneous investment income
Farmers' income
Income from non-farm...
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