Final answer:
Gross Domestic Product (GDP) is a key economic indicator measured through the expenditure and income approaches.
Explanation:
Gross Domestic Product (GDP) is a vital metric used in economics to measure the value of all goods and services produced within a country's borders. It can be measured through two primary methods: the expenditure approach and the income approach.
- Expenditure approach: This method calculates GDP by summing up all spending on final goods and services across economic agents like consumers, businesses, and the government. For instance, if a country's total spending on goods and services in a year is [tex]$500 billion, that represents part of its GDP.
- Income approach: This approach evaluates GDP from the perspective of the final income received by economic participants. For example, if a country's total income from sources like wages, profits, and rents is $[/tex]450 billion, that contributes to its GDP.
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