1st EC essay

1st EC essay - GDP and GNP By Lu Dai To Mr Payne October...

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GDP and GNP By Lu Dai To Mr. Payne October 2 nd , 2006
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When we talk about an economy about of a country, we usually relate to GDP and GNP. GDP is short for Gross Domestic Product. GDP is paid most attention as economic census number in macroscopically economy. Because it is one of the most important norms, in measuring the grand total of economic developing activity across a country. So GDP defines the total market value for all the goods and services produced in a country in one year. But all goods which produced are sold. GDP also includes the unsold current production. Goods are considered as tangible objects in economy like food, clothes. The other around, services are considered as intangible as an action or task performed for consumers, such as a teacher and a singer. Goods are noted in two more detail types as durable and non-durable. Durable last for a long time like book, while non-durable do not last long like food. GDP helps economists to draw the graph of economic development of a country. GDP is one way of measuring the total output of an economy. GNP (Gross National ProductD is another method. GDP is the sum value of all goods and services produced in a country. GNP narrows this definition: it is the sum value of all goods and services produced by permanent residents of a country regardless of their
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1st EC essay - GDP and GNP By Lu Dai To Mr Payne October...

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