What are two ways to measure GDP? What is meant by the Expenditure Approach? What does BEA stand for?

Chapter 5 Chapter Five Gross Domestic Product; GDP  BEA (Bureau of Economic Analysis)  Calculates a nation’s production and income o Measured quarterly  Final Dollar value of all: o Marketable goods and services o Legal goods and services o Produced by the domestic economy o In one given year  GDP does NOT include: o Intermediate products  Products between the raw and finished goods o Re-sales o Stocks and bonds o Land transactions Two Ways to Measure GDP 1. Expenditures 2. Income *Expenditure GDP and Income GDP are equal values Expenditure Approach:  Includes: o Consumption expenditures (C