Scribd
Upload
56 views

Economics

GDP refers to the total value of goods and services produced in a country in a given period. GDP per capita is often used to measure a country's standard of living. GDP can be calculated as private consumption + gross investment + government spending + (exports - imports). GNP measures production based on ownership by residents of a country, unlike GDP which is based on geographic location of production. NNP and NDP are similar to GNP and GDP but subtract depreciation. Per capita income divides total income by population size but does not show the distribution of wealth. Factor cost measures national income based on costs of production rather than market prices to exclude effects of subsidies or taxes.

Uploaded by

Akshay Sukhija
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
56 views

Economics

GDP refers to the total value of goods and services produced in a country in a given period. GDP per capita is often used to measure a country's standard of living. GDP can be calculated as private consumption + gross investment + government spending + (exports - imports). GNP measures production based on ownership by residents of a country, unlike GDP which is based on geographic location of production. NNP and NDP are similar to GNP and GDP but subtract depreciation. Per capita income divides total income by population size but does not show the distribution of wealth. Factor cost measures national income based on costs of production rather than market prices to exclude effects of subsidies or taxes.

Uploaded by

Akshay Sukhija
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 1

Gross domestic product (GDP) refers to the market value of all final goods and services produced in a country

in a given period. GDP per capita is often considered an indicator of a country's standard of living.

GDP = private consumption + gross investment + government spending + (exports imports), or

Gross National Product (GNP) is the market value of all products and services produced in one year by labor and property supplied by the residents of a country. Unlike Gross Domestic Product (GDP), which defines production based on the geographical location of production, GNP allocates production based on ownership. Net national product (NNP) is the total market value of all final goods and services produced by residents in a country or other polity during a given period (gross national product or GNP) minus depreciation. The net domestic product (NDP) is the equivalent application of NNP within macroeconomics, and NDP is equal to gross domestic product (GDP) minus depreciation: NDP = GDP depreciation.

Per capita income or income per person is the quotient of income to the population size. It is a measure of all sources of income in an economic aggregate, such as a country or city. It does not reflect the distribution of income or wealth

Factor cost or national income by type of income is a measure of national income or output based on the cost of factors of production, instead of market prices.[1] This allows the effect of any subsidy or indirect tax to be removed from the final measure.

You might also like