Really struggling to figure this out and hope someone can help.
I have been asked to figure out the GDP via Expenditure approach and Income Approach. My problem is trying to figure out what each items are. As well I have to figure out what the National Income is.
Thanks in advance.
I have marked what each item are categorized as (to the best of my knowledge) EA=Expenditure Approach, IA=Income Approach
Transfer payments $ 246 Exports 280 Dividends 11 Consumption expenditures 1,650 Fixed investments 400 Indirect business taxes 151 Undistributed corporate profits 148 Personal income taxes 386 Imports 210 Federal government expenditures 150 Changes in business inventories 10 Corporate taxes 43 Depreciation 300 State and local government expenditures 275
Social Security govt. contributions 100