In 2 or 3 sentences explain how to calculate gross domestic product using the expenditure approach.

The expenditure approach to gross domestic product not only measure’s the aggregated output and income of an economy, but also their expenditure on goods and services. This includes consumption, investment, government purchases and next exports (exports - imports). Therefore, the formula for gross domestic product (Y) using the expenditure approach is Y = C + I + G + NX.

Early 18th century british industries were generally small scale and relatively unsophisticated. most textile production, for example, was centred on small workshops or in the homes of spinners, weavers and dyers: a literal ‘cottage industry’ that involved thousands of individual manufacturers. such small-scale production was also a feature of most other industries, with different regions specialising in different products: metal production in the midlands, for example, and coal mining in the north-east.two illustrations of 18t