📊The income approach calculates the value of all goods and services produced in an economy based on the sources of income earned.
💰The income approach includes various sources of income, such as wages, profits, interest, rent, employer contributions, and self-employment income.
💼National income is calculated by combining the various sources of income earned in an economy.
🌎The income approach adjusts for government subsidies and net foreign factor income to calculate overall GDP.
🤝The income approach is conceptually similar to the expenditure approach and both calculate the same result in practice.