"How is Gross Domestic Product - GDP calculated using the expenditure and the income approach? What are some shortcomings of GDP as a measure of economic well-being? What is the LATEST data for REAL GDP from quarter 2/2009?"© BrainMass Inc. brainmass.com December 24, 2021, 8:17 pm ad1c9bdddf
GDP is measured using the expenditure approach by adding up all spending:
Consumption (spending on items such as food and clothing)
+ investment (spending on houses, factories, and so on)
The solution calculates gross domestic product calculations. The latest data for real GDP from quarter 2/2009 is determined.