What is the difference between gross national product and gross domestic product?
okay, for those who are about to answer, remember, there is a difference between GDP (Gross Domestic Product) and GNP (Gross National Product), when i mean GNP, tell me what country converted to American $ actually has the most money, it might not have many rich people as the US, Luxembourg, Britain, Qatar, or France does.
Is gross domestic product or gross national product the best measure of Ghana's economic activities?
NDP and NNP are different (though sometimes they could be equal between each-other). "Domestic" means that it includes everything produced within country (domestically) and it doesn't matter who have produced it - foreigners or residents. "National" means that it includes everything that are produced by residents only (or by capital belonging to residents) - and it doesn't matter if it is produced domestically or internationally (for instance if I go to work into another country…
Gross National Product [GNP] is the gross value of all the final products without deducting the depreciation of fixed capital. It is the total of market value of final goods and services produced in a years. Net National Product [NNP] is the value of net output in an economy during a period of one year. The net national product is calculated by deducting depreciation from the gross national product. NNP = GNP - Depreciation
Gross domestic product (GDP) refers to the market value of all officially recognized final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living; GDP per capita is not a measure of personal income. See Standard of living and GDP. It is not to be confused with Gross National Product (GNP) which allocates production based on ownership. Gross domestic product…