Note_card-12.docx - Biren Patel Basic Macroeconomics Note...

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Biren Patel Basic Macroeconomics Note cards – 12 1. GNP Gross National Product is defined as the value of all the goods and services produced in a given year. 2. GDP Gross Domestic Product is defined as the value of all the goods and services produced for the domestic economy in a given year. 3. Double counting It is counting the value of the Intermediate goods to make your GNP loo better. 4. Money GNP It is derived by multiplying the quantity of goods produce in given year by the price of those

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