Thank you for the opportunity to help you with your question!
Expenditure approach is the easiest to collect the data. There are some categories of expenditure approach to calculate GDP. These are
1) Gross Private Investment (I) : That consist all the investment like fixed, Inventory,Residential 2) Gross Private Consumption Expenditures(C) : That consist all the goods and services purchased by households
3 ) Government Purchases (G) : that consist all the expenditure on new goods and service by the local, state, and federal government.
4) Net Exports (X - M) : X = foreign country's spending on the country's goods.
M = Country's spending on foreign goods.
GDP = C + I + G + (X-M)
Please let me know if you need any clarification. I'm always happy to answer your questions.
sry I forget to write the " things are not measured by GDP but are still important in our lives"
sending in 5 minutes
GDP measures the economy of any country. it's a good indicator of improving quality of life.
but still something is missing in GDP
like GDP does not take into account the working hours, leisure time available or whether the income is equality distributed across the economy . Due to this GDP can't measure the quality of our lives.Therefor this thing should take into consideration during calculation of GDP.
I hope it will be helpful !!
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Thank you !!
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