The is one of the important tools used to measure a nation’s productivity and output. It is a “scorecard” that can be used to measure one year’s output against another, or even to compare one nation‘s economic output (as long as the formula’s limitations are recognized) to another’s. Components of There are two approaches to : income and expenditure. The income approach adds up the income derived from goods and services produced within the boundaries of a nation: wages and salaries + rent + profits + interest + adjustments. T ....