What are the key differences between GDP, GNP, and GNI, and how do these measures of economic activity compare and contrast with each other?

Answer 1

GDP (Gross Domestic Product) measures the total value of goods and services produced within a country's borders. GNP (Gross National Product) includes the income earned by a country's residents, both domestically and abroad. GNI (Gross National Income) is similar to GNP but also considers net foreign income.

The key difference between GDP, GNP, and GNI lies in what they measure - GDP measures production within a country, GNP measures income earned by residents, and GNI includes net foreign income. While GDP and GNP focus on production and income, GNI provides a more comprehensive view by accounting for net foreign income.