This calculation includes all of the factors of production that make up an economy. It includes the wages paid to labor, the rent earned by land, the return on capital in the form of interest ...

The one thing you won't need to do in calculating your gross income is account for taxes. Gross income is purely a pre-tax amount, so taxes aren't relevant to the calculation. If you receive an ...

Nominal GDP is an assessment of economic production in an economy that includes current prices in its calculation. In other words, it doesn't strip out inflation or the pace of rising prices ...