is the monetary value, in local currency, of all final economic goods and services produced in a country during a specific period of time. It is the broadest financial measurement of a nation’s total economic activity. The total goods and services bought by consumers encompass all private expenditures, government spending, investments, and net exports.

The main difference ??between the expenditure approach and the income approach is their starting point. The expenditure approach begins with the money spent on goods and services. Conversely, the income approach starts with the income earned from the production of goods and services (wages, rents, interest, profits).

  Balance of payments

2. Balance of Payment gives an overall view on the strength of a particular economy of Payment gives an overall view on the strength of a particular economy

Balance of Trade

Balance of Trade gives a partial view of the import and export condition of an economy

Balance of payments

Captures all visible and non-visible economic transactions within the entire world

Balance of Trade

Captures all imports and exports values of goods

  Balance of payments

Consider the financial situation of the student and his family

  Balance of Trade

Usually consider the achievements, talents, and abilities of the student

3. * Depression is a long- term GDP fall or significant amount of fall in GDP

Recession is defined as GDP fall among two consecutive quarters under consideration

* Depression Does not happen frequently

A natural occurrence and has room in the economic cycle itself

* Depression Has a severe impact on the economy in the longer run

Results are short- run; hence impact can be managed

4. The financial crisis was primarily caused by deregulation in the financial industry. That permitted banks to engage in hedge fund trading with derivatives. ... When the values of the derivatives crumbled, banks stopped lending to each other. That created the financial crisis that led to the Great Recession.

The Great (time period where people and businesses made less money)--sometimes referred to as the 2008 (time period where people and businesses made less money) in the United States and Western Europe has been linked to the (what people commonly call a not really a) "subprime situation (where people can't buy homes)." Subprime mortgages are home loans granted to borrowers with poor credit histories. Their home loans are carefully thought about/believed high-risk loans)