follow ask you to determine the major national income measures by both the expenditure and income methods. The

By Income Method : NDP fc = COE + OS + MI

By Expenditure Method : GDP mp = PFCE + GFCE + GDCF + NX

Explanation:

National Income is the total value of goods & services, produced by an economy during a given period of time.

It can be calculated by Expenditure or Income method, aa total value of goods & services produced by an economy = total expenditure by entire economy = total income by entire economy (∵ one person expenditure is other person income)

By Income Method:

NDP fc [Net Domestic Product at factor cost] = Compensation of Employees + Operating Surplus + Mixed Income

By Expenditure Method:

GDP mp [Gross Domestic Product at market price] = Private Final Consumption Expenditure + Government final consumption expenditure + gross domestic capital formation + net exports