Unformatted text preview: year is reliant on changes in the price level. Gross domestic product per capita (GDP per capita) - GDP divided by the number of people in the population. This measure describes what portion of the GDP an average individual gets. Gross national product (GNP) - An alternative measure of economic activity to GDP. GNP is the sum of the market values of all goods and services produced by the citizens of a country regardless of their physical location. Nominal gross domestic product (nominal GDP) - The sum value of goods and services produced in a country and valued at current prices. Real gross domestic product (real GDP) - The sum value of goods and services produced in a country and valued at constant prices, calibrated from some base year. Real GDP frees year-to-year comparisons of output from the effects of changes in the price level....
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This note was uploaded on 02/09/2012 for the course ECO ECO2013 taught by Professor Jominy during the Fall '08 term at Broward College.
- Fall '08