Answer / nitesh
Review the formula. The basic formula for calculating GDP is: y = c + i + e + g, where y = GDP, c = consumer spending, i = industry investment, e = excess of exports over imports and g = government spending.
Define "c" or consumer spending. This includes all spending done by consumers.
Define "i" or industry investments. Investment refers to the capital expenditures by growing industries and firms, not the amount of money individuals are putting into investment accounts . These expenditures include equipment and production facilities.
Define "e" or the difference between the value of exports and imports. Exports are goods shipped abroad; imports are goods shipped into the U.S. To calculate, exports are positive and imports are negative; if exports are more than imports the result is an addition to GDP.
Define "g" or government purchases. Tax money is used to make these purchases which represent government spending.
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