The national economy measuring national income ---Eileen

GDP is the value of all final goods and services produced in the country within a given period. Three ways meaning GDP has the product method , the income method , and the expenditure mothod.The circular flow of national income and expenditure (1)production (2)incomes(3)expenditure .
The product method including three points ,the fistly,the problem of double counting .Double counting is avoided by working with value added. the secondly, the measuring of value added .only the value added to the good at stage is counted as part of GDP.the thirdly, gross value added (GVA)
As like some qualifications four factors are stocks ;governments services ;ownship of dwellings such as market rental ;taxes and subsidies on products.
The income method including adding factor earnings .but the important that income equal labour ,capital and loan .they represent the profits, interest , rent ,wages and salary.such as some qualification stock appreciation transfer payments and direct taxes, taxes and subsidies on products.
The expenditure method: -Y=C+G+I+X-M Gross national income(GNY)
Net national income (NNY) plus net income from aborad . less captical consumption depreciation ,it need to take account of inflation ,population and purchasing power (ppp measures)
The important of National income statistics meaning suitable measures of living standards.such as items are excluded are consistant non-marked items and the underground economy. Production is point that poor indicator of welfare. Exteralities the production of “regrettables”means that new nuclear weapons poor and rich main tenance the last factor distribution of income.