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Explain the term
i) GDP
ii) GNP
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Answer:
- GDP = Gross Domestic Products
- GNP = Gross National Product
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Explanation:
1. Gross Domestic Product (GDP) =>
The total value of the output of goods and services produced by an economy, by both residents and non-residents, regardless of the allocation to domestic and foreign claims. It is used to show the relative wealth of different countries and through yearly comparisons to show levels of economic growth.
2. Gross National Product (GNP) =>
The total domestic and foreign value added claimed by residents and therefore equals the GDP + net income from abroad (which is the income residents receive from abroad for services (labour and capital) less similar payments made to non-residents who contribute to the domestic economy).
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