ECON 002 Lecture 3: GDP
16 views2 pages
Document Summary
Gdp (gross domestic product): the market value of all final goods and services produced within a country in a given period of time. *a good is accounted for the gdp for that year, if the good was produced and sold on that same year. If you are interested in studying what is the production of the citizens of a certain country rather than the production of that country, then you are interested in measuring the gross national product (gnp), not gdp. Gnp of country a: gdp of country a + income earned by its citizens located abroad - income of non-residents located in that country. Produ(cid:272)tion within a (cid:272)ountry"s (cid:271)orders, (cid:271)ut (cid:271)y an enterprise owned (cid:271)y somebody outside the country, counts as part of its gdp but not its. Gnp; on the other hand, production by an enterprise located outside the country, but owned by one of its citizens, counts as part of its.
Get access
Grade+
$40 USD/m
Billed monthly
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
10 Verified Answers
Class+
$30 USD/m
Billed monthly
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
7 Verified Answers