GDP can be determined in three ways, all of which should, theoretically, give the same result. They are the production (or output or value added) approach, the income approach, and the speculated expenditure approach. It is representative of the total output and income within an economy.
gdP cAn bE determineD in thrEe WaYs, aLl of Which ShOuld, theoreTiCAlly, gIve the same Result. they aRE THe pRoducTIon (or oUTPUT Or value added) apProach, THE income aPprOACH, anD thE sPeCUlAtEd EXpEnditure ApproaCH. it Is repreSenTaTIvE oF the Total output anD iNCOmE wIthIn aN EconOMy.