four different measures of gdpusing circular flow, Macroeconomics

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four different measures of gdpusing circular flow

Four different measures of GDP

Using circular flow model we see that there are 4 equivalent ways of measuring GDP:

Using the definition: market value of all finished goods (expenditure method)
As the sum of all value added from all firms (value added method)
As sum of consumption (government andprivate), investment and net exports (components method)
As the sum of all returns from factor markets: return on capital, wages and so on (income method)

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Macroeconomics: four different measures of gdpusing circular flow

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