Gross National Product (GNP)
- This is the metric used to measure a country's economic output that is produced by all the citizens of a country regardless of their location.
- It represents how its nationals are contributing to the country's economy.
- In order to calculate the GNP, you must add the same components above along with the net income by domestic residents and businesses from overseas investments, then subtract it from the net income earned by foreign residents and businesses from domestic investment.
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GDP: Component Overview
In order to calculate the GDP you must add all of these components:
- Consumer spending: this is the value of the consumption of the goods and services of the country's households; this is the largest part of the GDP
- Government spending: ALL c...
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