There are two approaches to measuring a country's macroeconomic activity, which are Gross Domestic Product, and National Income. What do each of these approaches measure. List at least one advantage and disadvantage of each approach.
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The GDP stands for Gross Domestic Product of the country it refers to the total value of the goods and service produced in by the country in the financial year.
The national income refers to the total value of the goods and service produced by the country within and abroad in the given year.
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