Terminologies definitions and shit Flashcards
1
Q
National income
A
National income measures the monetary value of the flow of output of final goods and services produced in an economy over a period of time
2
Q
Gross Domestic Product
A
GDP refers to the total money value of all final goods and services produced within the geographical boundary of a country within a period of time, regardless of whether they are produced by nationals or foreigners
3
Q
Gross National Product
A
GNP is a measure of the total money value of all final goods and services produced by the citizens of a country during a given time period.
