S citizens wherever they reside the united states

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Unformatted text preview: uct GNP GDP Total market value of final goods and services produced by U.S. citizens (wherever they reside – the United States, France, Mexico, etc.) Total market value of final goods and services produced within the borders of the United States (by both citizens and noncitizens) The producer’s citizenship matters in computing GNP. The producer’s place of residence matters in computing GDP. The Difference Between GDP and GNP Economists, government officials, and members of the public talk about GDP when they want to discuss the overall performance of the economy. They might say, “GDP has been on the rise” or “GDP has been declining a bit.” It was not always GDP that these individuals talked about, though. They used to talk about GNP, the gross national product. (In some international publications, you will read about gross Defining Terms 1. Define: a. gross domestic product (GDP) b. double counting Reviewing Facts and Concepts 2. In a simple economy, three goods are produced during the year, in these quantities: 10 pens, 20 shirts, and 30 radios. The price...
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This document was uploaded on 01/16/2014.

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