GDP Flashcards
1
Q
GDP definition
A
The total value of goods and services produced in an economy over a period of time
2
Q
Real GDP definition
A
The value of GDP adjusted for inflation
3
Q
Nominal GDP definition
A
The value of GDP without being adjusted for inflation
4
Q
GDP per capita definition
A
The value of total GDP / population of the country
5
Q
Gross National Income (GNI) definition
A
The sum value of output by resident producers + net receipts of primary income from abroad + any product taxes (less subsidies) not included in the valuation of output
6
Q
Gross National Product (GNP) definition
A
GDP + net property income from abroad (NPI)
