b. Enlist 5 characteristics of each GDP and GNP?
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Answer:
Explanation:
GDP vs. GNP: An Overview
Gross domestic product (GDP) is the value of a nation's finished domestic goods and services during a specific time period. A related but different metric, the gross national product (GNP), is the value of all finished goods and services owned by a country's residents over a period of time.
Both GDP and GNP are two of the most commonly used measures of a country's economy, both of which represent the total market value of all goods and services produced over a defined period.
There are differences between how each one defines the scope of the economy. While GDP limits its interpretation of the economy to the geographical borders of the country, GNP extends it to include the net overseas economic activities performed by its nationals.
KEY TAKEAWAYS
Gross domestic product (GDP) and gross national product (GNP) are both widely used measures of a country's aggregate economic output.
GDP measures the value of goods and services produced within a country's borders, by citizens and non-citizens alike.
GNP measures the value of goods and services produced by only a country's citizens but both domestically and abroad.
GDP is the most commonly used by global economies. The United States abandoned the use of GNP in 1991, adopting GDP as its measure to compare itself with other economies.
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