Calculation of National Income Homework Help

Methods of Calculation

1. Output/Product Method

National Income is derived from adding only the money value of all final goods and services produced by firms.

All intermediate goods are excluded.

2. Expenditure Method are described as follows

National Income is derived from adding the total money value spent on consuming final goods and services by different sectors of the economy.

Expenditure by government that does not give rise to production of goods and services such as pension and unemployment benefit must be excluded.

3. Income Method

National Income is derived from adding the income received by owners of factors of production.

Any trading surplus from public enterprises (e.g. water supply) must also be included.

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