GDP can be measured using two approaches. Which of the following is NOT one of these approaches?

Gross Domestic Product (GDP) can be measured through two primary approaches: the Expenditure Approach and the Income Approach. The Expenditure Approach calculates GDP by adding up all spending on final goods and services within a country during a specific period, typically categorizing spending into different sectors such as consumption, investment, government spending, and net exports.

The Income Approach, on the other hand, tallies GDP by adding up all income earned by factors of production in the economy, including wages, profits, rents, and taxes, minus subsidies. This approach focuses on the distribution of income rather than the flow of spending.

The Consumption Approach, which is not one of the standard methods for calculating GDP, refers specifically to the consumption portion within the Expenditure Approach. While consumption is a crucial component of GDP, it does not represent a distinct approach to measuring GDP. Therefore, it is accurate to say that the Consumption Approach does not stand alone as a method for measuring GDP.