PR #1 - services. By not calculating the Final goods is...

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GNP is the value of all final goods and services produced by its factors of production and sold on the market in a given time period. Factors of production in calculating the GNP means final goods and services produced by US labor, capital and natural resources. We do not include goods and services that are produce by other countries in the US GNP. For import the GNP should not include final goods and services and intermediate goods and
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Unformatted text preview: services. By not calculating the Final goods is because the good is not produce by factors of production belonging to the US. For intermediate goods, it should be never be include because it will create double counting. For Export, we can include it in the US GNP because it a final good and services that the US is providing to his trading partner and its produce by the US factor of production....
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This note was uploaded on 04/17/2008 for the course EC 480 taught by Professor Nicolas during the Spring '08 term at University of Oregon.

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