3Y: Economic Indicators - National Income Flashcards
1
Q
What is the National Income?
A
National Income is the total value of all new goods and services produced within a country in a year.
2
Q
What is National Income normally expressed as? (2)
A
- GDP - Gross Domestic Product
- GNP - Gross National Product
3
Q
What is GDP Gross Domestic Product?
A
GDP measures the total value of the goods and services produced within a country in one year. This includes goods and services produced by local and foreign owned businesses.
4
Q
What is GNP Gross National Product?
A
GNP is the total value of the goods and services produced by a country, either in that country or overseas in one year.
