In measuring the total income of the citizens' (nations income), why do we have to measure...

In measuring the total income of the citizens' (nations income), why do we have to measure the value of goods and services that are produced by the firms?
In measuring GDP, why do we have to measure the value of final goods?
Why GDP is breakdown of GDP into its four major components.
Which measure of GDP (nominal or real) is very useful?
Is GDP a good measure of economic well-being?

Expert Solution

Rahul Sunny answered 2 years ago

Using examples, discuss why measuring a nations income is important to planning economic development.

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In measuring the total income of the citizens' (nations income), why do we have to measure...

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