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In calculating GDP by the income approach, we should sum up:
Supply Curves
A graphical representation showing the relationship between the price of a good and the amount of it that producers are willing to supply.
Excise Tax
A tax levied on specific goods, services, or transactions, often included in the price of products like gasoline, alcohol, and tobacco.
Demand Curves
Charts displaying the correlation between a product's price and the amount of that product buyers are ready and capable of buying at different price levels.
Supply Curves
Graphical representations that show the relationship between the price of a good or service and the quantity of that good or service that a supplier is willing to produce and sell.
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