is a measure
of a country
's overall economic
is the market value
of all final goods
borders of a country in a year
is often positively correlated with the standard of living
, alternative measures
to GDP for that purpose.
national product (GNP),
, a quantitative measure of a nation
, generally assessed yearly or quarterly.
equals the gross domestic product plus income
earned by domestic
residents through foreign
the income earned by
foreign investors in the domestic market.
can be determined
in three ways
, all of which should in principle
give the same result
- They are the product (or output) approach , the income approach, and the expenditure approach.
most direct of the three is the product approach, which sums the
outputs of every class
of enterprise to arrive
at the total.
expenditure approach works
on the principle that all of the product must be bought by
the value of the total product must be equal to
people's total expenditures in buying things.
works on the principle that the incomes of the productive factors
") must be equal to the value of their product,
and determines GDP by