Included and excluded economics

1. What is excluded and included in the GDP?
2. Which is not included in economics?
3. What is included in national income?

What is excluded and included in the GDP?

Only newly produced goods - including those that increase inventories - are counted in GDP. Sales of used goods and sales from inventories of goods that were produced in previous years are excluded. Only goods that are produced and sold legally, in addition, are included within our GDP.

Which is not included in economics?

Only those economic activity is included in national income which can be measured and estimated in terms of money. A housewife doing household work is not included in national income because the service by a housewife cannot be estimated in monetary terms.

What is included in national income?

Related topics. Gross national income (GNI) is defined as gross domestic product, plus net receipts from abroad of compensation of employees, property income and net taxes less subsidies on production.