Aug 04, 2017

Explain the system of national income accounting (GDP), including how GDP is measured and why

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Explain the system of national income accounting (GDP), including how GDP is measured and why

INSTRUCTIONS:
In text citations needed. abstracts are neither expected nor required 300-600 words
CONTENT:
NATIONAL INCOME ACCOUNTINGNameInstitution AffiliationCourseDate of SubmissionNational income accountingThe national income accounting is defined as a system that has measurements that allows comparisons to be done among different economies and also performance of an economy is measured over duration. It measures the economy`s income and output on macroeconomic level. In an economy, there are different types of goods and services that are produced with differentiated quantities. The same different goods are of different value. The one and only way to account for the total output of the different values is via national income accounting. The most common measure that is widely used is the Gross Domestic Product (Atkinson, 2008).Gross Domestic Product is the measure of value (market) of total goods and services that are produced annually within a nation`s borders. This does not include the transactions that are conducted illegally or are not transacted in the common legal markets like a household member performing a house chore. It takes into consideration the factor transactions that are measurable in terms of payment. Black market transactions are not acco...


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