How do you calculate GDP with the Income Approach?

By Sean Ross
The Income Approach to measuring gross domestic product (GDP) is based on the accounting reality that all expenditures in an economy should equal the total income generated by the production of all economic goods and services.

Economic Ideas- Theory of Utility

By Kibash
Utility is a term used by economists to describe the measurement of "useful-ness" that a consumer obtains from any good or service. It is the satisfying power of a commodity. <

Economic Idea- Information Asymmetry

By Kibash
Information asymmetry as defined by Investopedia is sometimes referred to as information failure, is present whenever one party to an economic transaction possesses greater material knowledge than the other party.