Understanding National Income Measurement

Skibidi bop, let's dive into the GDP goon vibes. National income is a whole vibe, measured by three methods: output, income, and expenditure. The output method tallies the value added by firms, while the income method counts all earnings. Expenditure is where it is at, summing C, I, G, and net exports. GDP is the total value of goods produced, but GNI is the real sigma move, focusing on income earned domestically. Real versus nominal? Lowkey, real GDP adjusts for inflation, keeping it dank. Per capita is the edge, showing living standards like Canada flexing over China. National income stats are the ultimate toilet for economic insight.