Income Approach to Calculating Gross Domestic Product

Explore the Income Approach to Calculating GDP.

What is the difference between gross domestic product (GDP) and gross national product (GNP)? What is the difference between GDP measures compared to GNP? What calculations must you make to determine GNP from GDP? What is national income (NI)? What does NI measure? Which was higher this year, GNP or NI? By how much? What calculations must you make to determine NI from GNP? NI is composed of a number of categories. What category makes up the largest portion of NI? What calculations must you make to determine Personal Income from National Income? What calculations must you make to determine Personal Disposable Income and Personal Savings?