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10.18.2013 - Components of GDP 1 Measurement of...

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Components of GDP 1) Measurement of GDP( Expenditure Approach ): 2) Measurement of GDP( Income Approach ): Y=Rent + Wages + Interest + Profit (Land) (Labor) (Capital) (Entrepreneurship) NX G I C Y + + + =
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Components of GDP 1) Personal Consumption Expenditures, or “Consumption” Investment Spending by firms on new factories, office buildings, machinery, and additions to inventories, and spending by households and firms on new houses. 2) Gross Private Domestic Investment, or “Investment” C=Durable Goods + Nondurable Goods + Services
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