Please explain in two paragraphs the two sides of GDP; take two additional paragraphs to explain what is not included and why.

Gross Domestic Product, or GDP, can be measured using either the income approach or the expenditure approach. GDP is a monetary measure and is defined as the total market value of all final goods and services produced in a specific time period, typically annually. The two approaches represent measuring either using the demand side (expenditures) or the supply side (income) of the economy.
The expenditures approach calculates the consumption of all households, total business investment, government expenditure, and capital used to produce exports and purchase imports.
On the other side, the income approach captures all earnings of a nation, which includes labor and wages, interest, profits, rent, taxes, and depreciation. The major assumption here is that all income will eventually go back into the economy so capturing the total amount of money earned can help depict and forecast the potential future growth. Not included in this method is the black market or under-the-table work. The income here will likely go back into the economy, but there is not an official way to track it.
Some other factors which are not accounted for include government welfare programs, the resale market, natural resources, education levels, and crime and drug rates. These are all factors which can impact current and future growth of nation’s economy but are not currently accounted for specifically.


Because of the circular flow of goods and services in an economy—where firms produce goods and services which households buy, and where households sell their labor to the firms to facilitate production—the size of an economy as expressed by its gross domestic product, or GDP, can be measured from two sides. By definition, the GDP is the total market value of all final goods and services produced in an economy in one year, and it can be calculated using either expenditures or income.On one side, GDP can be calculated using the expenditures approach, which represents the demand side of an economy and takes into account expenditures for consumption, government spending, imports and exports, and investment from both the private and public sectors. On the other side, GDP can be calculated using the income approach, which represents the supply side of an economy and takes into account income earned through payments made to facilitate a firm's production, such as payments made for wages and for resources comprising the supply chain. The GDP has received much criticism as a measure of economic well-being because of factors not included in GDP measurements. Some factors excluded from GDP are distribution of income growth, environmental impact, and social indicators, such as education and crime. Some other factors excluded from GDP are government social welfare and disability payments, current sales of stocks and bonds (these transactions exchange value rather than add new value), black market transactions, and resale of previously owned goods.
https://www.demos.org/research/whats-missing-gdp


GDP refers to the total value of goods and services produced within a country. It can be approached from two angles: by factoring in total expenditure or by calculating the total income. When calculating GDP using expenditures, one includes the total consumption of all households in a nation, the total investment of businesses (firms spend on raw materials and labor), government expenditure, and the money used to produce goods for export and buy imports. Unfortunately, barter isn't included in the calculation, even though it often contributes to total output. Barter is excluded because one cannot attach a monetary value to it.
The other side of GDP is concerned with the total income earned. It's assumed that citizens of a country will use their income to contribute to the growth of the economy. When calculating the GDP, the earning from all factors of production are included: labor (wages), capital (interest), entrepreneur (profits), and land (rent). Taxes, depreciation, and net foreign factor income are also included. However, income earned from the underground economy and unpaid work is not included, because it can never be fully accounted for.
https://www.investopedia.com/articles/investing/051415/how-calculate-gdp-country.asp


GDP, Gross Domestic Product, represents the balancing point between expenditure, output, and income in a country. The "two sides" of GDP, then, can be identified as demand and supply.
We can calculate domestic demand by adding up household expenditure, government expenditure, business expenditure and foreign demand—that is, consumption, investment, public expenditure, and import. These elements, then, represent services and goods used by public consumers; material and produce produced by businesses; resources consumed by the government; and goods imported from foreign countries.
The other side of GDP accounts represents income. So, on this side of our calculation would be things like wages and salaries earned by consumers; government income; corporate profit; and the value of goods exported to other countries.
Theoretically, the two sides of GDP should balance each other out. However, sometimes this does not happen, because there are elements that can affect national supply and demand which are not actually included. GDP does not include the division of growth or the measure of inequality in a society. It also does not include the value of a country's natural resources, which can in fact represent significant sources of potential income for a country. GDP also does not take into account education levels or average lifespans for a country. This is because GDP is a broad and general measure that was created in the 1930s to help assess a country's economic health on an ongoing basis.
http://www.economicswebinstitute.org/glossary/gdp.htm

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