busn5620_week5_personal_assignment_kelli_carson

busn5620_week5_personal_assignment_kelli_carson - Kelli...

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Kelli Carson _kBUSN 5260 Current Economic Analysis Week 5: Personal Assignment There are Internet questions with this assignment at the end. Problems 1
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Kelli Carson Problem 1 What is the difference between Gross Domestic Product and Gross National Product? GDP is just one way of measuring the total output of an economy. Gross National Product, or GNP, is another method. GDP, is the sum value of all goods and services produced within a country. GNP narrows this definition a bit: it is the sum value of all goods and services produced by permanent residents of a country regardless of their location. The important distinction between GDP and GNP rests on differences in counting production by foreigners in a country and by nationals outside of a country. For the GDP of a particular country, production by foreigners within that country is counted and production by nationals outside of that country is not counted. For GNP, production by foreigners within a particular country is not counted and production by nationals outside of that country is counted. Thus, while GDP is the value of goods and services produced within a country, GNP is the value of goods and services produced by citizens of a country. Problem 2 The book details four types of unemployment. I am of the belief that the most harmful is structural unemployment. Contrast structural unemployment to the other three forms. Whether you agree with me or not explain why structural unemployment can be more damaging than the other three.
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