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Gross National Product (GNP) |
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Gross national product (GNP) is the value of the total output of final goods and services in the economy for a particular time period, such as a year, plus the value of any net increase of goods-in-process. GNP measurement enables economists and politicians to quantify economic growth a process useful for policy decisions as well as a tool used to compare states to one another. GNP is measured by adding up the value of all consumer goods and services sold, or the value of all of the capital goods produced and sold plus net changes in inventories, the value of all government expenditures, and the value of net foreign trade known as net exports. The term ‘final goods’ means only those goods at the last set of transactions the sale to the final user omitting all intermediate production and distribution transactions. This technique is used in order to avoid double counting. TF
See also consumption function. |
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