Production, income, and demand and their economic relationships

| May 21, 2014

Production is the process which goods and services are produced from the combination resources, labor, and capital. As presented above the gross domestic income and the gross domestic product measures income and production respectively, hence have a different relationship. However, the two macro-economical measures relates in the trends they depict in that both responds to economical changes/factors by shifting in the same direction. On the other hand, change in gross domestic income in most cases depends on changes in GDP. Therefore, gross domestic income is dependent on GDP.

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